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Reply to "What’s the process of inheriting money?"
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[quote=Anonymous][quote=Anonymous]Re inherited retirement accounts - are they still considered retirement accounts for the new recipient (ie - can’t be used until retirement age or incur penalties)? And how are they taxed?[/quote] You transfer the money into an IRA in your own name. You have ten years to remove all the money so take it out when your income is the least or spread it out over the 10 years. You will have to take a portion the year they pass if they did not (going through this now).[/quote]
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