What You Need to Know About Inheriting an IRA
Description
It's always nice to receive a big chunk of money outside of our normal expected income. Whether it's a bonus check from work, a lottery windfall, or an inheritance of some kind, any extra cash is generally a good thing.
If you've inherited an IRA, though, whether it's from a deceased spouse or someone else entirely, there are some rules you need to be aware of. Depending on when the person died and how old you are when you received the asset, among other things, if you're not careful with how you treat it, you could be looking at a bigger tax bill than you'd expected.
Learn more about this important topic from podcast host Johnny Dean and his guest, "Professor" Rick Plum, CFP® on this week's episode of Managing Your Financial Future!
United States
