Welcome! In this video we'll be going over Inherited Roth IRA Rules for Surviving Spouses and Children. Subscribe to be notified of future postings! For more information visit our website: and be sure to connect with us on Linked In: DISCLOSURE: The views expressed in this presentation represent the opinions of Carmichael Hill and are not intended to predict or depict performance of any investment. The views expressed are subject to change based on market conditions and other factors. These views should not be construed as a recommendation for any specific security or sector. Investing involves risks, and the value of your investment will fluctuate over time and you may gain or lose money. Please consult with your financial advisor to determine which investment strategy is best for you. Past performance is no guarantee of future results....(read more)
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Inherited Roth IRA Rules for Surviving Spouses and Children When a taxpayer passes away, the assets that were held in their Roth IRA must be distributed in accordance with the rules set forth by the Internal Revenue Service (IRS). These rules govern how the assets are to be distributed to the surviving spouse and/or children of the deceased taxpayer. For surviving spouses, the rules for inherited Roth IRA distributions are generally quite simple. The surviving spouse is treated as the owner of the Roth IRA and can either keep the account or roll it over into their own Roth IRA. If the surviving spouse chooses to keep the account, they must begin taking required minimum distributions (RMDs) from the account no later than December 31st of the year following the year of the taxpayer’s death. For children of the deceased taxpayer, the rules are slightly more complicated. Children are not allowed to keep the account and must instead roll it over into their own Roth IRA. However, the child must begin taking RMDs no later than December 31st of the year following the year in which the taxpayer would have turned 70 ½. In addition to these rules, there are also special rules for inherited Roth IRAs that apply to non-spouse beneficiaries. Non-spouse beneficiaries are required to take distributions over their life expectancy, rather than the five-year rule that applies to spouses and children. Finally, it is important to note that any distributions taken from an inherited Roth IRA are not subject to income tax, as long as the distributions are taken in accordance with the rules set forth by the IRS. This makes an inherited Roth IRA a great way to pass on wealth to future generations without the burden of taxes. In summary, the rules for inherited Roth IRAs are designed to ensure that the assets are distributed to the surviving spouse and/or children in accordance with the wishes of the deceased taxpayer. It is important for taxpayers to understand these rules in order to ensure that their assets are distributed in a tax-efficient manner. https://inflationprotection.org/inherited-roth-ira-rules-for-surviving-spouses-and-children/?feed_id=69819&_unique_id=63e82d3cf1233 #Inflation #Retirement #GoldIRA #Wealth #Investing #CarmichaelHill #CarmichaelHillAssociates #CFP #CFPnearme #Fiduciary #financialadvisor #FinancialadvisorinGaithersburg #financialadvisornearme #FinancialPlanning #investmentmanagement #Investmentplanning #retirementplanning #wealthmanagement #RothIRA #CarmichaelHill #CarmichaelHillAssociates #CFP #CFPnearme #Fiduciary #financialadvisor #FinancialadvisorinGaithersburg #financialadvisornearme #FinancialPlanning #investmentmanagement #Investmentplanning #retirementplanning #wealthmanagement
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