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Instead, the beneficiary will be forced to take the money out of the IRA under the five-year rule.For substantial accounts, that can add up to a monstrous income tax bill — unless the IRA is a Roth, in which case, taxes were paid before money went into the account.
When someone leaves you an individual retirement account, or IRA, you can find yourself at the tricky three-way intersection of estate planning, financial planning and tax planning.“You have to take out your first distribution in the next calendar year by Dec.31 of the calendar year following the year that the decedent died.Distributions from an inherited Roth IRA will be tax-free unless the account was established less than five years before — in which case, the earnings may be subject to tax.fullempty/Getty Images Whenever spouses inherit an IRA, they can basically take the account and treat it exactly as if it were their own.
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