Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why "thanks Trump"? This money has never been taxed, it's always the law that pre-tax funds get taxed when withdrawn, has nothing to do with who is president.

The SECURE Act of 2019 put a ten year time limit on withdrawing from inherited IRAs. Before that law, you could stretch the withdrawals out more. This hurts people who inherit money when they are younger and are still working.

Meh, it prevents the money from remaining untaxed for decades. If op had her way, she’d just pass it on to her own kids as an inheritance some forty-odd years from now. I inherited an IRA from my father and I think 10 years is plenty of time to distribute the funds.

Not “meh”
Ad usual Trump sucks at finances maga cult of can not do math

Sorry, not a ton of sympathy. An IRA is intended as a vehicle for retirement savings, not passing down an inheritance with untaxed money.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why "thanks Trump"? This money has never been taxed, it's always the law that pre-tax funds get taxed when withdrawn, has nothing to do with who is president.

The SECURE Act of 2019 put a ten year time limit on withdrawing from inherited IRAs. Before that law, you could stretch the withdrawals out more. This hurts people who inherit money when they are younger and are still working.

Meh, it prevents the money from remaining untaxed for decades. If op had her way, she’d just pass it on to her own kids as an inheritance some forty-odd years from now. I inherited an IRA from my father and I think 10 years is plenty of time to distribute the funds.

No if I had my way I could at least wait until 65 to take the money out instead of being punished for the fact that I happened to inherit money in my peak early years vs when I was approaching retirement. I make a lot more than my parents ever did so this money is being taxed at a much higher rate than if my parents hadn’t put it in a 401K.

This is why we are leaving our kids ROTH IRAs.

Yeah people working now have enough notice to change things. My parents dud not. - op

I inherited a lot of money in IRAs but it was before the new law so I only take RMDs every year. Additionally, I have a trust I have to take additional required distributions from annually. Here is what I/we do:

- all distributions are kept separate and go into my own accounts in my own name

- I pay the portion of the taxes attributable to these separate distributions from my separate property.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why "thanks Trump"? This money has never been taxed, it's always the law that pre-tax funds get taxed when withdrawn, has nothing to do with who is president.

The SECURE Act of 2019 put a ten year time limit on withdrawing from inherited IRAs. Before that law, you could stretch the withdrawals out more. This hurts people who inherit money when they are younger and are still working.

Meh, it prevents the money from remaining untaxed for decades. If op had her way, she’d just pass it on to her own kids as an inheritance some forty-odd years from now. I inherited an IRA from my father and I think 10 years is plenty of time to distribute the funds.

No if I had my way I could at least wait until 65 to take the money out instead of being punished for the fact that I happened to inherit money in my peak early years vs when I was approaching retirement. I make a lot more than my parents ever did so this money is being taxed at a much higher rate than if my parents hadn’t put it in a 401K.

This is why we are leaving our kids ROTH IRAs.

I have filed as married filing separately ever since i started getting distributions from my deceased fathers ira (5 years so far) But, it was never much $ compared to yours. But also my marriage is not good.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why "thanks Trump"? This money has never been taxed, it's always the law that pre-tax funds get taxed when withdrawn, has nothing to do with who is president.

The SECURE Act of 2019 put a ten year time limit on withdrawing from inherited IRAs. Before that law, you could stretch the withdrawals out more. This hurts people who inherit money when they are younger and are still working.

Meh, it prevents the money from remaining untaxed for decades. If op had her way, she’d just pass it on to her own kids as an inheritance some forty-odd years from now. I inherited an IRA from my father and I think 10 years is plenty of time to distribute the funds.

No if I had my way I could at least wait until 65 to take the money out instead of being punished for the fact that I happened to inherit money in my peak early years vs when I was approaching retirement. I make a lot more than my parents ever did so this money is being taxed at a much higher rate than if my parents hadn’t put it in a 401K.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why "thanks Trump"? This money has never been taxed, it's always the law that pre-tax funds get taxed when withdrawn, has nothing to do with who is president.

The SECURE Act of 2019 put a ten year time limit on withdrawing from inherited IRAs. Before that law, you could stretch the withdrawals out more. This hurts people who inherit money when they are younger and are still working.

Meh, it prevents the money from remaining untaxed for decades. If op had her way, she’d just pass it on to her own kids as an inheritance some forty-odd years from now. I inherited an IRA from my father and I think 10 years is plenty of time to distribute the funds.

Not “meh”
Ad usual Trump sucks at finances maga cult of can not do math

Anonymous wrote:Why "thanks Trump"? This money has never been taxed, it's always the law that pre-tax funds get taxed when withdrawn, has nothing to do with who is president.

The Trump tax laws changed the amount of time for mandatory withdrawals from your average lifespan to ten years.

OP, this just happened to me last year at 50. The inherited IRA is in my name and I’m withdrawing the money and putting it in our joint brokerage account and/or using the money to buy investment property jointly. Obviously YMMV depending on your marriage and how your finances are set up therein but if you want to keep it in your name only open a non-IRA brokerage account and do it that way.

Anonymous wrote:

Anonymous wrote:Why "thanks Trump"? This money has never been taxed, it's always the law that pre-tax funds get taxed when withdrawn, has nothing to do with who is president.

The SECURE Act of 2019 put a ten year time limit on withdrawing from inherited IRAs. Before that law, you could stretch the withdrawals out more. This hurts people who inherit money when they are younger and are still working.

Meh, it prevents the money from remaining untaxed for decades. If op had her way, she’d just pass it on to her own kids as an inheritance some forty-odd years from now. I inherited an IRA from my father and I think 10 years is plenty of time to distribute the funds.

Anonymous wrote:Why "thanks Trump"? This money has never been taxed, it's always the law that pre-tax funds get taxed when withdrawn, has nothing to do with who is president.

The SECURE Act of 2019 put a ten year time limit on withdrawing from inherited IRAs. Before that law, you could stretch the withdrawals out more. This hurts people who inherit money when they are younger and are still working.

Why "thanks Trump"? This money has never been taxed, it's always the law that pre-tax funds get taxed when withdrawn, has nothing to do with who is president.

The IRA has been transferred into an account in my names I have to withdraw each year into a different account in my name and will pay income taxes on it. Any money transferred into our joint checking account will be considered co-mingled.

As long as the money goes into an account in your name it’s not commingled. You just pay the taxes on it as income filing jointly - that doesn’t make it a joint asset.

You probably will have to pay taxes quarterly though, or check with the broker holding the account about having them withhold enough given your family income. Don’t forget state taxes too, if those apply.

You may want to consult with a tax accountant and get some assistance.

We are slowly withdrawing it and only what is required and putting it in accounts in my name only but I got nothing like you did. We kept it in my name so I have easy access if something happened to my husband.

I inherited about 3 million in a IRA and now have 10 years to withdraw it all and pay income taxes (thanks Trump). I am in the highest tax bracket and am only 40 so will be working (and hopefully continue with my current income) the entire time I am withdrawing the money. I have always heard people should keep inheritances separate from other savings in the case of divorce and am trying to do so - but how do people handle taxes in this case? My husband and I file taxes jointly and will owe more taxes because of these withdrawals - do I just try to pay those taxes quarterly directly from the inheritance accounts? I don't need the money and am trying to just preserve as much as possible for my kids. I would also like to have this money go directly into a trust for my kids if I die - so that is another reason to keep the money separate.

And please no commentary on how lucky I am - I would rather have my parents be alive.