Guiding you through Inherited IRA Distributions

A 60-second read by James Suazo, ChFC®:   Our September 12th blog post focused on some basic information about Traditional Individual Retirement Accounts (IRAs). This post provides guidelines for taking withdrawals from Traditional IRAs that have been inherited.  

If you inherit an IRA, you must determine:

• Was the deceased owner of this Traditional IRA the original owner? (Rules are different regarding twice-inherited IRAs).  
• Was the original owner your spouse or someone else?
• Did the owner pass away after December 31, 2019?
• Are you an eligible designated beneficiary?
• Do you need to follow the 10-year rule for taking Required Minimum Distributions (RMDs)?
• Do you need to take RMDs over your life expectancy?

Reference this Flow Chart for guidance with your RMDs from an Inherited IRA
(Click on the image to view a larger version of the chart)

Visit our website blog for more information about IRAs.

As always, it is best to discuss your options with your personal financial advisor and/or tax professional who knows your specific circumstances.

Read more to learn how we can help with your retirement planning. 

If you have any further questions, don’t hesitate to contact the Baron Financial Group Team.

Disclosure: This is a general communication being provided for informational purposes. This material is not intended to be relied upon as forecast, research, tax or investment advice. Past performance is no guarantee of future results. Every investment strategy has the potential for profit and loss. Please consult your financial planning and tax professional for personal advice.