{"id":3470,"date":"2019-01-17T15:51:42","date_gmt":"2019-01-17T15:51:42","guid":{"rendered":"https:\/\/www.ua-cpas.com\/blog\/?p=3470"},"modified":"2019-01-17T16:21:13","modified_gmt":"2019-01-17T16:21:13","slug":"inherited-an-ira","status":"publish","type":"post","link":"https:\/\/www.ua-cpas.com\/blog\/index.php\/2019\/01\/17\/inherited-an-ira\/","title":{"rendered":"Inherited an IRA? Look Before you Leap!"},"content":{"rendered":"<div id=\"inner-copy\" class=\"col-sm-12 col-md-9 animate-right animated\">\n<div class=\"row\">\n<div class=\"col-xs-12\">\n<p>If you inherit a traditional individual retirement account (IRA), you also may inherit a large income-tax burden. How you choose to receive the money will be a<\/p>\n<figure id=\"attachment_3476\" aria-describedby=\"caption-attachment-3476\" style=\"width: 225px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3476\" src=\"https:\/\/www.ua-cpas.com\/blog\/wp-content\/uploads\/2019\/01\/Do-NOT-Pass-Go.png\" alt=\"\" width=\"225\" height=\"225\" srcset=\"https:\/\/www.ua-cpas.com\/blog\/wp-content\/uploads\/2019\/01\/Do-NOT-Pass-Go.png 225w, https:\/\/www.ua-cpas.com\/blog\/wp-content\/uploads\/2019\/01\/Do-NOT-Pass-Go-150x150.png 150w\" sizes=\"auto, (max-width: 225px) 100vw, 225px\" \/><figcaption id=\"caption-attachment-3476\" class=\"wp-caption-text\">Do Not Pass GO without a Consultation<\/figcaption><\/figure>\n<p>big factor. If you don\u2019t need the money right away, there are ways you can defer or spread out the tax burden.<\/p>\n<h3><span style=\"color: #800080;\">When You Are the Surviving Spouse<\/span><\/h3>\n<p>If you are the deceased IRA owner\u2019s surviving spouse\u00a0<em>and<\/em>\u00a0beneficiary, you have several ways to defer income taxes on the money. One way is to roll over the inherited IRA into your own new or existing IRA. A rollover allows the assets to continue to grow\u00a0tax deferred\u00a0until you reach age 70\u00bd. Then, annual IRA withdrawals become mandatory.<\/p>\n<h3><span style=\"color: #800080;\">When You Are Not the Surviving Spouse<\/span><\/h3>\n<p>The IRA distribution rules differ when you aren\u2019t the spouse. But you can still spread out the tax burden. One option may be for you to receive annual distributions from the IRA based on your life expectancy. This will spread out the distributions &#8212;\u00a0<em>and<\/em>\u00a0the taxes &#8212; over a number of years. The younger you are, the longer you can stretch out the payments, and the longer the money can stay in the account and benefit from potential tax-deferred growth. This particular option is not available if the account had no designated beneficiary.<\/p>\n<p>Inherited IRAs are subject to potential risks, such as tax law changes and the impact of inflation.<\/p>\n<p>Give us a call before you make any moves, so we can help you determine the right course of action for you.<\/p>\n<\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col-xs-12\"><\/div>\n<\/div>\n<\/div>\n<div id=\"sidebar\" class=\"col-sm-12 col-md-3\">\n<div class=\"sidebar-bg\"><\/div>\n<div class=\"sidebar-section animate-down-left animate-2 animated\">\n<div class=\"byf_row\">\n<div class=\"sidebar-icon\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you inherit a traditional individual retirement account (IRA), you also may inherit a large income-tax burden. How you choose to receive the money will be a big factor. If you don\u2019t need the money right away, there are ways you can defer or spread out the tax burden. When You Are the Surviving Spouse [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,11,22,1],"tags":[219],"class_list":{"0":"post-3470","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-estate-trusts-guardianships","7":"category-income-taxes","8":"category-tax-tips-for-individuals","9":"category-uncategorized","10":"tag-inherited-iras","11":"entry"},"_links":{"self":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/3470","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/comments?post=3470"}],"version-history":[{"count":4,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/3470\/revisions"}],"predecessor-version":[{"id":3478,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/3470\/revisions\/3478"}],"wp:attachment":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/media?parent=3470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/categories?post=3470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/tags?post=3470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}