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An Inherited IRA Can Boost Your Finances, But The New Finalized IRS Rules May Mean A Tax Headache

September 9, 2024

According to new, finalized IRS rules, if you inherited a retirement account in the past several years, it’s likely you’ll have to take distributions and pay taxes on all that money within 10 years. Before the new rule, heirs could “stretch” IRA withdrawals over their lifetime, which reduced yearly taxes.

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According to new, finalized IRS rules, if you inherited a retirement account in the past several years, it’s likely you’ll have to take distributions and pay taxes on all that money within 10 years. Before the new rule, heirs could “stretch” IRA withdrawals over their lifetime, which reduced yearly taxes.
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New Inherited IRA Rules For Non-SpousesAugust 19, 2024 - 8:32 pm
As older generations are the biggest holders of retirement accounts, including the approximately $11.5 trillion held in IRAs today, a significant percentage of the assets is likely to be transferred through inheritance to non-spouse beneficiaries of all ages. Requirements for withdrawals from inherited IRA accounts can be complex so take time to understand the new rules, and consider consulting with a tax professional.
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Tag Archive for: inheritance tax

An Inherited IRA Can Boost Your Finances, But The New Finalized IRS Rules May Mean A Tax Headache

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