Difficulties You May Have After Inheriting IRA As A Non-Spouse
Inheriting an Individual Retirement Account (IRA) is not easy if you aren't the spouse of the deceased person. The actual inheritance is not difficult, but there are legal hurdles, requirements and rules that you have to follow. Failure to follow these regulations may attract potential tax penalties and even delay your receipt of the funds. For example, you:
Need to be Careful with Year of Death Distribution
There is a minimum amount of money, known as the required minimum distribution (RMD), which every account holder above the age of 70½ is supposed to take out every year.
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