Timothy Sumer

Studio 10: Inheriting an IRA... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA When it comes to financial planning, it is essential to think ahead and consider the many different circumstances that may arise down the line. One such eventuality that you may come across is inheriting an IRA, or Individual retirement account . An IRA can be a valuable asset, but it is important to understand the rules and regulations that govern its inheritance in order to make the most of it. One of the first things to understand when inheriting an IRA is the difference between a spousal and non-spousal beneficiary. Spouses who inherit an IRA have more options available to them, as they can choose to treat the IRA as their own and delay distributions until they reach the age of 72. They can also choose to roll the funds into their own IRA, which may provide addi

If you receive retirement benefits in the form of, pension or annuity payments from a qualified employer retirement plan , all or some portion of the amounts you receive may be taxable. This topic doesn't cover the taxation of social security and equivalent railroad retirement benefits. For information about tax on those benefits, refer to Topic 423 and, Are My Social Security or Railroad Retirement Tier I Benefits Taxable? On IRS website. The pension or annuity payments that you receive are fully taxable if, you have no investment in the contract, sometimes referred to as "cost" or "basis", due to any of the following situations. You didn't contribute anything or, aren't considered to have contributed anything for your pension or annuity. Your employer didn't withhold contributions from your salary, or, You received all of your contributions tax-free in prior years. If you contributed after-tax dollars to your pension or annuity, your pens