Tag Archive for: RMDs

Don’t Get Hit With A 25% Penalty: What The New IRS Rule Means For Inherited IRAs

As the largest wealth transfer in U.S. history accelerates, millions of Americans are poised to inherit more than assets—they may also inherit unexpected tax headaches.

25 Financial Moves To Consider Making Before December 31st

It’s worth focusing on practical financial strategies to consider before the end of the year. It will also help lay the groundwork for a financially successful year ahead.

This Charitable Giving Strategy ‘Almost Always’ Provides The Biggest Tax Break, Advisor Says

Qualified charitable distributions, or QCDs, are direct transfers from an individual retirement account to a non-profit organization. Additionally, retirees can give more in 2024, according to the IRS. Financial experts say this is a key move to maximize a tax break.

Inherited IRA Rules Are Changing In 2025 — Here’s What Beneficiaries Need To Know

According to financial experts, some non-spousal beneficiaries should consider taking distributions sooner, depending on their situation, even if annual withdrawals aren’t required. This is about multi-year tax planning to maximize the benefits of an inherited IRA.

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

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.

New Inherited IRA Rules For Non-Spouses

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.