Anonymous
07/20/2024 13:20
Subject: Irs clarified inherited IRA RMDs
PSA to people with a lot of money in retirement accounts..If you can without undue tax burden, convert your 401Ks/IRAs to Roth before you start RMD. RMD withdrawals cannot be put into a Roth IRA.
Anonymous
07/20/2024 08:05
Subject: Re:Irs clarified inherited IRA RMDs
This is something to plan for if you have a lot of money in an IRA. My dad passed away with $1m in an IRA. Trying to figure out the best way to withdraw it. I know it is not a bad problem to have.
Anonymous
07/19/2024 11:59
Subject: Irs clarified inherited IRA RMDs
Anonymous wrote:Anonymous wrote:Anonymous wrote:I don’t understand
Non-spouse, Non-Roth:
If you inherit an IRA..
AND the person you are inheriting from is already on RMD
THEN you are expected to withdraw money based on an RMD schedule with a baloon withdrawal in year 10
If you inherit an IRA..
AND the person you are inheriting from is not on RMD
THEN you can withdraw money anytime during the 10 year period
Roth-IRA:
You can withdraw money anytime during the 10 year period
Spouse:
No RMD requirements other than your own.
Re: bolded. Does this preclude an heir from doing something sensible like withdraw 1/10 the first year, 1/9, the next year, etc? Not clear to me from the way this is written as the balloon reference is throwing me off
It does not. RMD is "Required Minimum Distribution". There's no maximum. One could withdraw 100% in year 1, if they so choose as long as it is at or above the RMD percentage.
Anonymous
07/19/2024 11:57
Subject: Irs clarified inherited IRA RMDs
Anonymous wrote:Anonymous wrote:Anonymous wrote:I don’t understand
Non-spouse, Non-Roth:
If you inherit an IRA..
AND the person you are inheriting from is already on RMD
THEN you are expected to withdraw money based on an RMD schedule with a baloon withdrawal in year 10
If you inherit an IRA..
AND the person you are inheriting from is not on RMD
THEN you can withdraw money anytime during the 10 year period
Roth-IRA:
You can withdraw money anytime during the 10 year period
Spouse:
No RMD requirements other than your own.
Re: bolded. Does this preclude an heir from doing something sensible like withdraw 1/10 the first year, 1/9, the next year, etc? Not clear to me from the way this is written as the balloon reference is throwing me off
No. You can always withdraw more than the RMD. You can withdraw it all the first year if you want. It’s just that the supposed benefit here was letting the money sit and accumulate before withdrawal.
Anonymous
07/19/2024 11:53
Subject: Irs clarified inherited IRA RMDs
Anonymous wrote:Anonymous wrote:I don’t understand
Non-spouse, Non-Roth:
If you inherit an IRA..
AND the person you are inheriting from is already on RMD
THEN you are expected to withdraw money based on an RMD schedule with a baloon withdrawal in year 10
If you inherit an IRA..
AND the person you are inheriting from is not on RMD
THEN you can withdraw money anytime during the 10 year period
Roth-IRA:
You can withdraw money anytime during the 10 year period
Spouse:
No RMD requirements other than your own.
Re: bolded. Does this preclude an heir from doing something sensible like withdraw 1/10 the first year, 1/9, the next year, etc? Not clear to me from the way this is written as the balloon reference is throwing me off
Anonymous
07/19/2024 11:53
Subject: Irs clarified inherited IRA RMDs
Anonymous wrote:Anonymous wrote:Anonymous wrote:I don’t understand
Non-spouse, Non-Roth:
If you inherit an IRA..
AND the person you are inheriting from is already on RMD
THEN you are expected to withdraw money based on an RMD schedule with a baloon withdrawal in year 10
If you inherit an IRA..
AND the person you are inheriting from is not on RMD
THEN you can withdraw money anytime during the 10 year period
Roth-IRA:
You can withdraw money anytime during the 10 year period
Spouse:
No RMD requirements other than your own.
I know I'm just a poor working schlub but I don't think I have a problem with this rule.
What is the objection?
People don't want to be told what to do. They want to be able to withdraw whatever they want, whenever they want. Every little rule they don't like will now be litigated thanks to the idiots in the SC overturning an established precedent. The funny thing is, most people think it's for their benefit when it's really for the benefit of large corporations at the cost of poors like them (regardless of what they think of themselves). Lawyers and corporations benefit.
Anonymous
07/19/2024 11:48
Subject: Irs clarified inherited IRA RMDs
Anonymous wrote:Anonymous wrote:I don’t understand
Non-spouse, Non-Roth:
If you inherit an IRA..
AND the person you are inheriting from is already on RMD
THEN you are expected to withdraw money based on an RMD schedule with a baloon withdrawal in year 10
If you inherit an IRA..
AND the person you are inheriting from is not on RMD
THEN you can withdraw money anytime during the 10 year period
Roth-IRA:
You can withdraw money anytime during the 10 year period
Spouse:
No RMD requirements other than your own.
I know I'm just a poor working schlub but I don't think I have a problem with this rule.
What is the objection?
Anonymous
07/19/2024 11:04
Subject: Irs clarified inherited IRA RMDs
Anonymous wrote:Anonymous wrote:Challenge these regs. The law was ambiguous and while under Chevron this would have been a fine interpretive reg, it is now regulatory over-reach and invalid.
I'm sure someone will.
^^pp again.. sent too soon. Likely be challenged by brokerage houses that have much to lose by people withdrawing before the 10 years are up. And most idiots will think they are being done a favor by the lawsuit and the supreme court until the balloon withdrawal and consequent taxes hits them
Anonymous
07/19/2024 11:02
Subject: Irs clarified inherited IRA RMDs
Anonymous wrote:Challenge these regs. The law was ambiguous and while under Chevron this would have been a fine interpretive reg, it is now regulatory over-reach and invalid.
I'm sure someone will.
Anonymous
07/19/2024 11:01
Subject: Irs clarified inherited IRA RMDs
Anonymous wrote:I don’t understand
Non-spouse, Non-Roth:
If you inherit an IRA..
AND the person you are inheriting from is already on RMD
THEN you are expected to withdraw money based on an RMD schedule with a baloon withdrawal in year 10
If you inherit an IRA..
AND the person you are inheriting from is not on RMD
THEN you can withdraw money anytime during the 10 year period
Roth-IRA:
You can withdraw money anytime during the 10 year period
Spouse:
No RMD requirements other than your own.
Anonymous
07/19/2024 10:03
Subject: Irs clarified inherited IRA RMDs
Challenge these regs. The law was ambiguous and while under Chevron this would have been a fine interpretive reg, it is now regulatory over-reach and invalid.
Anonymous
07/18/2024 21:18
Subject: Irs clarified inherited IRA RMDs
I don’t understand
Anonymous
07/18/2024 21:17
Subject: Irs clarified inherited IRA RMDs
What a poorly written article!
Anonymous
07/18/2024 19:52
Subject: Irs clarified inherited IRA RMDs
The SECURE Act is a disaster but it was only needed because of greedy planning attorneys who tried to game the system with stretch IRA trusts.
Anonymous
07/18/2024 19:36
Subject: Irs clarified inherited IRA RMDs