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There are a few things you can do to avoid paying taxes on an inherited IRA. The most obvious thing is to not take a lump-sum distribution. If you inherit the IRA from your spouse, wait until the required minimum distributions begin or take distributions based on your own life expectancy.
What are the new rules for inherited IRA distributions?
Eligible designated beneficiaries are exempt from the 10-year rule. This applies to beneficiaries who are surviving spouses or minor children (until age 21) of the deceased account owner, beneficiaries who are chronically ill or disabled, and beneficiaries who are not more than 10 years younger than the decedent.
Can I withdraw all the money from an inherited IRA?
Roll into existing or new IRA (spouse only) Rolling the assets into your own IRA works best if youre past age 59 1/2 as a 10% tax penalty may apply for withdrawals taken before age 59 1/2. Required minimum distributions (RMDs) begin at age 73, or if youre already 73, RMDs continue based on your life expectancy.
Who is exempt from the 10-year rule when inheriting an IRA?
Key Takeaways. The Secure Act caps the time nonspouse beneficiaries have to cash out inherited IRAs at 10 years after death, which creates a shorter window for the inherited IRA to be taxed.
What is the new IRS rule for inherited IRAs?
Since 2020, most non-spouse heirs must empty inherited IRA accounts by the 10th year after the original account owners death. Starting in 2025, these heirs must start yearly required minimum distributions if the original account owner had reached their RMD age before death.
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