In today’s episode of Adam Talks, Adam Bergman, Esq. provides an update on the Inherited IRA rules and explains what you need to know if you are a beneficiary of an IRA.
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IRA Financial Group was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(k) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions.

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Adam Talks – Inherited IRA Rules Update

retirement planning is essential for every individual who wants to have a comfortable post-work life. One of the ways to save for retirement is through an Individual retirement account (IRA). An IRA is a retirement savings account that provides tax advantages to the account holder. IRA rules vary, but they all have one thing in common: the money put into them grows tax-free until it’s withdrawn.

The rules around IRA’s can be complicated, especially when it comes to inherited IRA’s. An inherited IRA is an IRA that is passed down to a beneficiary after the death of the account holder. These accounts have specific rules that must be followed to avoid penalties and taxes.

Recently, the IRS made an update to inherited IRA rules, which Adam Talks discussed in a recent video. According to Adam Talks, the latest update clarifies the rules for non-spouse beneficiaries who inherit an IRA from someone who passed away in 2020 or later.

The updated rule states that non-spouse beneficiaries must withdraw all of the money from an inherited IRA within ten years of the original owner’s death. This ten-year period is the maximum amount of time that the beneficiary has to withdraw the funds from the account. Failure to withdraw the funds within ten years will result in a penalty.

The updated rules apply to both traditional and Roth IRA’s. This means that non-spousal beneficiaries of inherited Roth IRA’s will also have to withdraw all of the money within ten years of the original owner’s death. However, this rule doesn’t mean that the beneficiary must take all the money out at once. It merely means that the account must be emptied within ten years.

The ten-year rule does not apply in certain situations. These include situations where the beneficiary is a minor, disabled, or chronically ill. In these cases, the ten-year period does not start until the beneficiary reaches the age of maturity, recovers from their disability, or has a reduction in their life expectancy.

In conclusion, understanding the rules around inherited IRA’s is crucial. The recent updates to the rules mean that non-spouse beneficiaries must withdraw all of the money within ten years of the original owner’s death. It’s essential to consult with a financial advisor or tax professional to make the most of the inherited IRA. With proper planning and execution, an inherited IRA can be a valuable asset to your retirement plan.