If you are a non-spouse and have inherited an IRA you will certainly want to pay close attention. Inherited retirement accounts need to be treated with caution to avoid an irreversible tax consequence from the IRS.
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So I was sent a check with the funds from my parent 403b plan, so to advoid a tax bill I to send it to my brokerage firm to put it in a inherited IRA?
This video just told you not to do, but I wish it said what we should do instead
Explains it quite simply. I had this Exact Situation happen last year. Trust was the beneficiary of the IRA and a Criminal Successor Trustee, who was and still being sued breach of Fiduciary, without notice decided to close out the IRA. After an inherited IRA is Closed, You Can Not Reverse it, I Paid 50% of the proceeds between Federal and States Taxes; Never needed to happen.
Not sure it was a Mistake , BUT..i did a distribution on my dads IRA and planned on paying the taxes, I did not know that taking an IRA distribution Knocked me out of the Saver Contribution amount for 3 years after the distribution. I had maxed out my Roth IRA and cannot receive the saver deduction for three years( I believe $500 a year- $1,500 loss) Anyhow, lesson learned
Your advice is worth 2 cents. Your warning did not explain why or the potential consequences with examples. This video would have been more helpful if you had explained.
Does an inherited IRA non-spouse bene trust rmd need to be reported on my tax return and social security number?
Thanks Dustin definitely good info, probably not in the best frame of mind when dealing with a loved one passing, and dealing with money /accounts.
You'll be needing to do another video on inherited IRAs soon as right now Congress is about to accelerate the distributions on inherited IRAs to 10 years.
Thank you, Good info Dustin. VERY important!
What if your parents give their child the IRA. Does the child have to pay taxes on the inherited IRA?
What is a nua
Great video. I almost blew this. Fortunately had someone knowledgeable on the receiving end who set it right. Would have been pretty bad the way I was winging it.
can you explain more about this inherited IRA, specially the spousal IRA and how and when do you take distribution. thanks