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An inherited individual retirement account rule change for 2025 could trigger a 25% tax penalty for certain heirs. Since 2020, most non-spouse heirs must empty inherited IRA accounts by the 10th year after the original account owners death.
How does the IRS 10-year rule work?
Due to a series of IRS notices that waived beneficiary RMDs from 2021 to 2024, the 10-year rule does not take effect until 2025. But as noted, if the original account holder had already started RMDs, all money must be out of the account within the 10-year window, regardless of the specifics.
What are the exceptions to the 10-year 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.
What happens to IRA when her spouse dies?
Eligible Designated Beneficiary: There are five types of EDBs including: surviving spouse, minor child of the account owner, disabled beneficiary, chronically ill beneficiary, and a beneficiary that is not more than 10 years younger than the account owner.
What is the new IRS rule for inherited IRAs?
The IRS generally has 10 years from the assessment date to collect unpaid taxes. The IRS cant extend this 10-year period unless the taxpayer agrees to extend the period as part of an installment agreement to pay tax debt or a court judgment allows the IRS to collect unpaid tax after the 10-year period.
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Designation of Beneficiary. FEGLI enrollees and assignees use this form to designate who should receive the death benefits. NOT required if the enrollee or
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