The rules for inherited IRA distributions have changed in the past few years.
Q. I recently inherited an IRA worth about $50,000 from my aunt. She was only 55 and not taking out any money from the account. When do I have to start taking money from it, and how much?For your question, we’re going to assume the entire amount in the account was tax-deferred, which is common for people who have saved into retirement plans.
The good news is that you inherited this account, but you also inherit the responsibility for paying some amount of tax on this forfrom the account, said Peter Hoglund, a certified financial planner with Wealth Enhancement Group in Warren.“When you withdraw funds you must declare these as income and
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