Investors can breathe easy knowing a recent Internal Revenue Service publication about distributions from inherited individual retirement accounts was incorrect.
When the Secure Act passed in December 2019, it completely changed the way some beneficiaries are allowed to withdraw from inherited IRAs. Prior to the law, non-spouse beneficiaries were allowed to take distributions from these accounts over their lifetimes. With the Secure Act, they now have until the end of the 10th year from the grantor’s death to completely empty the account. Read more.
This article was submitted by Justine Overturf Singh, Fifth Third Private Bank. If you would like to submit content or write an article for the IndyBar, please email Kara Sikorski at firstname.lastname@example.org.
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