Considering that Roth IRA withdrawals are not taxable neither to the Roth IRA owner nor to the Roth IRA beneficiary, you may think it odd that an excise tax (penalty) applies if someone who inherits a Roth fails to take his RMDs.
As an eligible designated beneficiary, you can choose between the 10-year rule and the single life expectancy option for your inherited Roth IRA.
Due to new laws and IRS waivers, taking required minimum distributions from an inherited IRA can bring a lot of questions.
If you turned 72 years old in 2022, are you wondering if SECURE 2.0 allows you to delay your first RMD until you are 73?
While an IRA is an easy asset to inherit because it bypasses the probate process, trouble lurks beneath the surface if you are not informed.
Under the still-working exception, you can avoid taking required minimum distributions from your current employer's 401(k) at age 72 or older.
If the IRA you inherited does not have the year-of-death required minimum distribution withdrawn before the deadline, what are your next steps?
My advice for a big lottery winner? Choose an investment adviser that specializes in managing the ultra-high-net-worth. Or set up your own "family office."