If you inherited an IRA, that windfall may cost you money if you aren’t careful. That’s because there are rules surrounding inherited IRAs to ensure the money is eventually taxed and the IRS is paid.

To illustrate, consider a scenario where an individual inherits a $100,000 IRA. Under the 10-year rule, they must withdraw the entire amount within a decade. If they withdraw a substantial amount in a ...

An inherited IRA lets you keep retirement savings in a tax-advantaged account, but you’ll need to follow strict distribution rules to avoid paying taxes.

If you inherit an IRA, you must withdraw all of its funds within 10 years. This spacing is quite beneficial since you can plan withdrawals over time to minimize your tax burden. Furthermore, if you ...

Internal Revenue Service reminds taxpayers that inheriting a retirement account, such as an IRA or 401(k), could come with ...

Starting in 2025, certain heirs with inherited individual retirement accounts must take required withdrawals every year or face an IRS penalty. The rule covers most non-spouse beneficiaries if the ...

When navigating a loss, the emotional toll can be overwhelming, and it can take a minute to even think about handling the practical side of things, like understanding how to manage the financial ...

I’m sorry to hear about your mom's passing. Required minimum distributions (RMDs) from inherited IRAs are one of the most confusing things that most people will have to deal with. That's partially ...

Americans held $33 trillion in individual retirement accounts in 2022, and many of those IRA holders have yet to withdraw their funds and pay taxes on them. With the total debt of the U.S. federal ...

Few people would complain about receiving an inheritance, including one in the form of an IRA. However, if you do inherit the retirement plan of a loved one, there are some rules you have to follow ...

Inheriting assets may provide a new level of financial security, but it may also come with some unexpected tax consequences. Our Jonathan Skinner recently discussed with financial expert Jay McGowan ...

My Oak Partners practice is a useful source of inspiration for the column, serving such a wide variety of investors and families with unique planning needs, I figure if I am seeing an issue in the ...