Don’t Let Your Inherited IRA Be a Tax Disaster

With so many people having IRAs as part of their retirement, what happens when they pass away? What are some of the pitfalls? There was a recent court case involving an inherited IRA. What happened? What lessons can we learn? Watch Szarka Financial’s Senior Financial Advisor Alex Menassa, MT, CPA discuss these issues with Fox 8 News Anchor Roosevelt Leftwich. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a Broker Dealer, member FINRA/SIPC. Advisory Services through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Cambridge and Szarka Financial are not affiliated. Fixed Insurance services offered through Szarka Financial....(read more)

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Inherited Individual Retirement Accounts (IRAs) can be a great financial tool, but they can also be a tax disaster if not handled correctly. With the right guidance, however, you can make sure your inherited IRA is a financial success. When you inherit an IRA, there are a few important things to keep in mind. First, you must understand the rules around inherited IRAs. Depending on the type of IRA you inherit, the rules may be different. For example, if you inherit a Traditional IRA, you must begin taking required minimum distributions (RMDs) within a certain time frame. If you inherit a Roth IRA, you may not have to take RMDs. Second, you must understand the tax implications of inheriting an IRA. Depending on the type of IRA you inherit, you may be subject to different tax rates. For example, if you inherit a Traditional IRA, you will be subject to ordinary income taxes on any distributions you take from the account. If you inherit a Roth IRA, you will not be subject to any taxes on distributions. Finally, you must understand how to properly manage an inherited IRA. When you inherit an IRA, you must make sure you are taking the right amount of distributions each year to avoid penalties. You should also make sure you are investing the funds in the right way to maximize your returns. Inheriting an IRA can be a great financial tool, but it can also be a tax disaster if not handled correctly. By understanding the rules, tax implications, and proper management of an inherited IRA, you can make sure your inherited IRA is a financial success. https://inflationprotection.org/dont-let-your-inherited-ira-be-a-tax-disaster/?feed_id=72920&_unique_id=63f69099c0c23 #Inflation #Retirement #GoldIRA #Wealth #Investing #AlexMenassa #CourtCase #economics #economy #Finance #FinancialPlanning #Fox8 #Fox8News #inheritance #Inherited #inheritedira #Interview #ira #IRAs #Retirement #SzarkaFinancial #tax #taxes #InheritedIRA #AlexMenassa #CourtCase #economics #economy #Finance #FinancialPlanning #Fox8 #Fox8News #inheritance #Inherited #inheritedira #Interview #ira #IRAs #Retirement #SzarkaFinancial #tax #taxes

"Is Birch Gold Group a Reliable Choice for Your 2023 Gold IRA Investments?" - A Quick Review #shorts

In this Birch Gold Group review video, I go over what makes this Gold IRA company unique, the pros and cons, their fees, minimums, and much more. Get their free guide here: 👉 FREE Resources: ➜ Gold IRA Company Reviews: Birch Gold Group boasts high ratings from consumer advocate groups. With an A-plus rating from the Better Business Bureau, a triple-A rating from the Business Consumer Alliance, and high marks from Trust Link, Trustpilot, and Google Business, Birch Gold is a top choice to trust your hard-earned retirement savings. Birch Gold Group’s low initial investment minimum is another edge it has over its competitors whose minimums can range from $25,000 to $50,000. A beginning $10,000 minimum investment is all that is required to start a GOLD IRA with Birch which is advantageous for first-time investors. Spanning nearly two decades, Birch Gold Group’s mission and philosophy focus on a commitment to understanding your needs and finding the right fit for you. Their

New York Times Company Continues to Add Online Subscribers at a Steady Clip

Business News by Timothy Sumer - The company’s first quarter results showed total paid subscriptions reaching 4.5 million. Online ad revenue rose 19 percent, to $55 million, thanks, in part, to “The Daily” podcast. from NYT > Business https://nyti.ms/304QC2w via Timothy Sumer

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom Should I Rollover My 401k to anIRA 🤔 || 401k to IRA Rollover Pro's & Con's In this video, I want to talk about rolling over your 401k to an IRA Rollover and if that makes sense for your retirement planning . I want to look at the pro's to rolling over a 401k and also the con's to rolling over a 401k. When you should rollover your 401k to an IRA and when you should NOT rollover your 401k to an IRA. Let's talk about when you should NOT rollover your 401k to an IRA: 1. You are still working and are under the age of 59.5 2. You are 55 and considering retirement (Rule 55) 3. Increased creditor protection in a 401k 4. 401k's offer loans--IRA's do not offer loans Why you SHOULD rollover your 401k to an IRA 1. More investment choices in IRA over 401k 2. Lower investment fees 3. Convert IRA to Roth IRA (Roth IRA Conversion) 4. Consolidation from multiple 401k'

Timothy Sumer

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