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Retirement: Don’t Overlook New Rules Governing Inherited IRAs

Started by Epoch-Times-Bot, Nov 23, 2022, 11:30 AM

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Epoch-Times-Bot

Nov 23, 2022, 11:30 AM
Retirement: Don't Overlook New Rules Governing Inherited IRAs

By Sandra Block
From Kiplinger’s Personal Finance
The Internal Revenue Service (IRS) recently offered new guidance to adults who inherited an Individual Retirement Account (IRA) from someone other than a spouse. Here's what you need to know to avoid a stiff penalty.
First, a bit of history.
Under the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which took effect in 2020, adult children and other non-spouse heirs are required to deplete inherited IRAs and other tax-deferred accounts within 10 years of the death of the original owner.
The law didn't change the rules for surviving spouses, who can roll the money into their own IRAs or take withdrawals over their life expectancy. Previously, non-spouse heirs could take withdrawals over their life expectancy, which reduced the size of annual withdrawals—and the tax bill. That rule still applies to IRAs inherited before 2020....

Source: Retirement: Don't Overlook New Rules Governing Inherited IRAs

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