beneficiary ira Archives – Wiser Wealth Management

What Happens When You Inherit an IRA

What happens to a Traditional IRA when the owner has passed and a non-spouse is inheriting? A non-spouse beneficiary has two choices. Lump Sum One choice is to take a lump-sum distribution. In this case, even if you as the beneficiary are under age 59 ½, the 10% early withdrawal penalty is waived. To do this, you would need to transfer the assets into an account in your name, and then distribute the assets in a lump sum. All the funds are distributed at once […]
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