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Explaining Penalty Relief for Inherited Withdrawals
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While the stretch IRA has been gone for a few years now, a new tweak in the rules has added some confusion. On today’s episode, we discuss what this may mean for inherited IRAs and look at a recent article from CNBC to break it down. Currently, there is a 10-year rule to withdraw from an inherited IRA account, but the IRS is allowing a penalty relief in 2024 to certain heirs considered “non-eligible designated beneficiaries” as they work to figure it out.
Here’s some of what we discuss in this episode:
- What the IRS did in 2024 about inherited withdrawals.
- What the tax implications could be in the future.
- If you should get a Roth conversion.
CNBC article: https://www.cnbc.com/2024/04/19/irs-waives-required-withdrawals-from-some-inherited-ira-for-2024.html
For more, visit us online: http://thefinancialanswer.com
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