Starting in 2025, certain heirs inheriting individual retirement accounts (IRAs) will be required to take annual withdrawals or face penalties. This article breaks down the upcoming changes and offers tax planning strategies for navigating inherited IRAs.
Starting in 2025, certain heirs with inherited individual retirement accounts must take yearly required withdrawals or face a penalty.
But some heirs should consider taking funds out sooner, depending on their situation, even if annual withdrawals aren't required, experts say."This is about multi-year tax planning" to maximize the benefits of an inherited IRA, said Joel Dickson, global head of advice methodology at Vanguard.Why 401 plans are the 'final frontier' for exchange-traded funds
Since then, there's been confusion about whether the heirs subject to the 10-year rule needed to take yearly withdrawals, known as required minimum distributions, or RMDs.
Inherited IRA RMD Required Minimum Distributions Tax Planning Estate Planning
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