Minimizing taxes on inherited IRA

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@TedErhartCFP Жыл бұрын

RELATED VIDEO - A simple strategy to minimize taxes on an inherited IRA for a big purchase. kzbin.info/www/bejne/nqSsZZKEdr2rma8si=mrzdE8CW8Mjo7YJK

@TedErhartCFP Жыл бұрын

A few notes - I noticed one error in my tax table after recording. In the 12% bracket for married filers, the first figure should be $22,000 (vs. $20,000). Additionally, don't forget about state income taxes!

@papasquat355 9 ай бұрын

We are drawing from the inherited IRA monthly to cover raising my 401k contribution to the max. It is basically a tax wash between what we pay on the draw and what we contribute tax deferred. Since they don't technically allow a rollover, this is the next best thing and allows us to empty the account within the 10 years without taking a tax hit.

@TedErhartCFP 9 ай бұрын

Good move. This is on my "make a video" list.

@janetcheng8290 5 ай бұрын

@@TedErhartCFP We are doing exactly like @papasquat355 doing: draw exact amount to put to our 401(K), 457(B) (at maximum amount for each account for the 4 accounts), and yet when we filed tax return this year, we were told we owned more than $10,000 tax, why? where did we do wrong?

@raypalermo1603 11 ай бұрын

So are you saying to take the most from that account if you need the money and stay under the 89450 cap so you dont fall into the 22 percent tax bracket?.My wife inherited money from a family member and and we took the minimum for the year because we didnt need the money.Its taxed at 20 percent I think.

@alphamale2363 Жыл бұрын

In addition to the 10 year rule, aren't RMDs required if the deceased was taking RMDs?

@TedErhartCFP Жыл бұрын

Yes sir. 👍

@tjwiets6691 11 ай бұрын

@@TedErhartCFP Did the IRS waive that RMD requirement at least for a couple of years?

@TedErhartCFP 11 ай бұрын

@@tjwiets6691Yes they have because the tax-law was written with some ambiguity. The entire industry is still awaiting final guidance from the IRS for future years.

@mikeglos6676 Жыл бұрын

I have an inherited IRA, and started the RMD last year. I am 59 y.o. and employed. Can I take my next RMD, pay taxes, and put those RMD $ into a traditional IRA. ?

@TedErhartCFP Жыл бұрын

The short answer is yes. But you need to confirm you can take a deduction based on your income and whether you're contributing to another employer based plan (such as a 401k).

@alrocky 4 ай бұрын

@@TedErhartCFP "put those RMD $ into a traditional IRA?" Would've thought the short answer technically is no. For the lay viewer, answer is *@mike* could contribute $8,000 to traditional/Roth IRA with Roth IRA likely better option.

@maripfeiffer1365 4 ай бұрын

Does the amount you withdraw every year have to be the same? My income varies from year to year (I'm an independent contractor). And is withdrawing as simple as logging into the account where the inherited IRA is and transferring $$ from it to for example a savings account? Thanks.

@alrocky 3 ай бұрын

Q1 No. Q2 Yes.

@bigpoppa4094 9 ай бұрын

What if there are 2 daughters? One daughter gets 50% of the moms IRA and the other gets 50%. Do the daughters work it out by themselves, or is the ira cut in half into two IRA's for them ?

@TedErhartCFP 9 ай бұрын

In that case, the financial firm where the money is located would establish an inherited IRA for each of the daughters and split the assets equally between them. Then they each get to decide for themselves the timing of their withdrawals.

@bigpoppa4094 9 ай бұрын

@@TedErhartCFP thanks so much

@petefellwock5741 6 ай бұрын

@@bigpoppa4094 My situation was different, my sister and I are the beneficiaries of my fathers traditional IRA that he had been already taking RMD' from. He was 96 years old. His Trust owned the inherited IRA and we both had to split the RMD's and take out the money at the same time each year.