Here’s what to know before withdrawing funds from inherited individual retirement accounts
by usanewsgroup.com
usanewsgroup.com— If you’ve inherited an individual retirement account since 2020, you could have a shorter timeline to withdraw the money, which can trigger tax consequences. But there are a few things to consider before emptying an inherited account, experts say. Under the Secure Act of 2019, so-called “non-eligible designated beneficiaries,” have a 10-year window to deplete […]
CNBC—Here's what to know before withdrawing funds from inherited individual retirement accounts. If you've inherited an individual retirement account since 2020, you could have a shorter timeline to withdraw the money, which can trigger tax consequences.
@Marketplace—Inherited retirement account owners won’t face penalties for not withdrawing money this year. IRS rules require beneficiaries to make minimum withdrawals, but the tax agency has been waiving them.
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