
Inheriting An IRA? Time To Learn The Ropes
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.
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.
If the IRA you inherited does not have the year-of-death required minimum distribution withdrawn before the deadline, what are your next steps?
When working past age 72, the date of your retirement can make a big difference when it comes to taking RMDs from your current employer's 401(k) plan.
If you turned 72 during the second half of 2021, but did not take your first RMD last year, you will need to do so by April 1 or face a 50% excise tax.
If you do an online search for the new RMD tables to use for your 2022 RMD, you might find yourself going in circles. But there are ways to locate them.
You can contribute to an IRA even if you also are contributing to a 401(k) plan at work, but there are some limits.
If you are working for a company when you reach the age for starting RMDs from that company’s 401(k), generally, you can delay taking the RMDs until you retire.
The maximum Roth IRA contribution for 2022 remains $6,000 (with a $1,000 catch-up for age 50 and up), but the phase-out ranges for eligibility have changed.