The federal government has decided to target how non-spousal inherited IRA’s work.

Check out this week’s Mike on Money, where Mike, joined by CPA Phil, discuss the ramifications of these temporary IRS rules.
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00;03;09;29 – 00;03;13;25
Phil
Well, the IRS issued a couple of months ago temporary regulations.

00;03;13;25 – 00;03;15;00
Mike
Oh, wait, what? What are they?

00;03;15;01 – 00;03;16;01
Phil
Well, they’re temporary.

00;03;16;04 – 00;03;17;04
Mike
Temporary?

00;03;17;04 – 00;03;22;29
Phil
They’re not final yet. And they said that they’re going to issue final rules by the end of the year.

00;03;22;29 – 00;03;29;00
Mike
But we’ll wait and see. Yeah, we can sure count on them. Okay. So the IRS is really good staying on time.

00;03;29;00 – 00;03;42;13
Phil
But the temporary regulations say now they want you to continue. Those are RMDs. So if you inherited an IRA and it’s subject to armed fees, they want you to continue those RMDs for years, one through nine.

00;03;42;16 – 00;04;03;24
Mike
Okay, wait. Hold. So now they’re saying you have to take something out each year. Right. Is that what they’re saying? Yes. So now fine here in an IRA. I’ve got. Okay. Armed your one, two, three, four, five, six, seven, eight, nine. So basically I’ve got each year there’s money in there. I got to take money out right now….(read more)

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