Reported about 1 month ago
Inheriting retirement accounts can complicate tax responsibilities, particularly regarding Required Minimum Distributions (RMDs). This article explains that if an account owner has reached their required beginning date and has not taken their RMD in the year of their death, beneficiaries must fulfill that requirement. It outlines how to calculate RMDs using the IRS tables, the implications of failing to take them, and the options available for different beneficiaries, emphasizing the need for financial advice to navigate these complexities effectively.
Source: YAHOO