Average Joe is the new owner of an traditional IRA which he has just inherited from his Aunt. Unfortunately, as the owner of an "Inherited IRA" there are so many tax landmines which he must avoid, especially since he is a "non-spouse" beneficiary, and different tax laws apply. What should he know about RMD's (required minimum distributions) and how they have changed under the new SECURE ACT? He was surprised to know that RMD's apply to him even though he is younger than 72. How can he avoid further taxation and how does he "empty" the account without incurring the 50% penalty?

We cordially invite you to start your journey to tax-free wealth.

Karen Scott Mims, ESQ.

JOIN THE MAILING LIST: https://www.signup.taxsmarttaxzero.com

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SECURE ACT-Inherited IRA

Secure Act-Inherited IRA

Required minimum distribution Inherited IRA

Step up in basis

Ordinary income tax rate

Capital gains tax rate 2020