What happens when a spouse inherits an IRA?

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Married people usually name their spouses as the beneficiary of their IRAs. so what happens when the surviving spouse actually inherits the IRA. Surviving spouses have options that non-spouse beneficiaries do not have, especially when it comes to taking Required Minimum Distributions.
This video explains those options and gives guidance as to what is beneficial in what circumstances.
2023 UPDATE: Effective in 2023, the age when RMDs need to be taken has increased to 73.
0:00 Introduction
0:57 Assumptions and terminology
1:52 SECURE Act changes
2:10 Options for surviving spouses
3:38 How the options work, using examples.
5:56 Conclusion
Watch this video to learn about Required Minimum Distributions: • What is a Required Min...
This video is an overview of IRA Distributions in general: • IRA 101: Traditional I...
This video explains rollovers: • IRA 101: Rollovers
Resources and Additional Information:
IRS Publication 590-B: "Distributions from Individual Retirement Arrangements" (contains the life expectancy tables shown in the video): www.irs.gov/pub/irs-pdf/p590b...
Bankrate.com: "Inherited IRA rules: 7 things all beneficiaries must know": www.bankrate.com/retirement/i...
Kiplinger.com: "When a Spouse Inherits an IRA": www.kiplinger.com/article/ret...
Kiplinger.com: "The Basics of Required Minimum Distributions: 12 Things You Must Know About RMDs": www.kiplinger.com/retirement/...
The Tax Geek on The Site Formerly Known as Twitter: @taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Image Sources:
Storyblocks.com
Pexels.com
The images of "Frank," "Lucille," "Phyllis," "Lawrence," and "Stanley," were generated by thispersondoesnotexist.com and any resemblance between these images and any person, living or dead, is coincidental and not intentional.
Intro Music: "Bluesy Vibes" - Doug Maxwell - KZfaq Audio Library
Outro Music: "Modern Attempt" - Track Tribe via KZfaq Audio Library
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or investment advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or investment professional.
The information in this video is current as of date of publication, and is subject to changes.

Пікірлер: 11

@TheTaxGeek 7 ай бұрын

2023 UPDATE: Effective in 2023, the age when RMDs need to be taken has increased to 73.

@ellenoir5678 Жыл бұрын

Let's go coach!! Today's video very insightful

@TheTaxGeek Жыл бұрын

As always, thank you! This video was especially hard to research and write.

@ellenoir5678 Жыл бұрын

I talk about business and taxes alot with my inner circle they be highly surprised when I speak thanks to you're content I can go into details They ask how I know about it because they know I didn't go to school or anything for it 🤣 so I appreciate you

@maureenfeng3066 Жыл бұрын

thank you for your videos!

@TheTaxGeek Жыл бұрын

You're very welcome!

@SPR20235. Жыл бұрын

Thank you thank you thank you !

@TheTaxGeek Жыл бұрын

You are so welcome!

@degraham9198 Жыл бұрын

I am an ineligible beneficiary, but I know the disbursement rules. You folks aren't giving me time to disperse for the current year.

@anaillanr3854 6 ай бұрын

Cardinal Advisor helped me to understand the IRA that I inherited from my mother in law. I called them and They talked to me many times and didn't charge anything. Check out their channel. They are good people.

@anaillanr3854 6 ай бұрын

@degraham9198 Cardinal Advisor helped me to understand the IRA that I inherited from my mother in law. I called them and They talked to me many times and didn't charge anything. Check out their channel. They are good people.