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Listen to Johnson Brunetti's Money Wisdom with Joel Johnson CFP®, host of Better Money Television program and Forbes Contributor. Gain true financial wisdom and advice aimed at educating you about all of your financial options when it comes to retirement so you can make the best decisions for you and your family. Get information and education that can bring you peace of mind with your savings and retirement. Whether it’s your 401k account, IRA, or an underperforming asset, Joel Johnson can answer your questions and make you more aware of issues that may affect you.

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  1. All Episodes
  2. An IRS Update on Inherited IRAs

An IRS Update on Inherited IRAs

Jul 26, 2024

Inherited IRAs can be a financial lifeline, but they come with their own set of complexities, especially with the rule changes introduced in 2020. If you've recently inherited an IRA or are planning for the future, understanding these changes and how to manage your inheritance effectively is crucial. In our latest episode of Money Wisdom, we sat down with Heath Grossman, CFP® to break down the ins and outs of inherited IRAs and offer strategies to minimize your tax burden.

 

Here’s some of what we discuss in this episode:

  • An explanation of an inherited IRA and how it’s different than a regular IRA.
  • What changed with the rules around an inherited IRA in early 2020?
  • What it means for Required Minimum Distributions.
  • When would it be logical to withdraw the entire inherited IRA in year one?
  • When would it make sense to wait as long as possible to take the money out?

 

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