Explaining Penalty Relief for Inherited Withdrawals

Episode 241 of the The Financial Answer with Nathan O’Bryant podcast, hosted by Nathan O’ Bryant, titled "Explaining Penalty Relief for Inherited Withdrawals" was published on May 9, 2024 and runs 16 minutes.

May 9, 2024 ·16m · The Financial Answer with Nathan O’Bryant

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Summary

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

Episode Description

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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