Calculating an IRD Deduction
Have you recently inherited a loved one’s retirement assets? You should know that there is an income tax deduction available to you called the income in respect of a decedent, or IRD, deduction.
When certain inherited assets are hit with both federal estate and income tax, this deduction can help offset the impact. Your IRD deduction should be included on your 1099-R, but it can be easily overlooked by your accountant in the chaos of tax season.
Taking the time to ensure it is filled out correctly can help you keep more of your inheritance in your hands.
To avoid double-taxation on your inheritance, click here to download “Calculating an IRD Deduction in 5 Easy Steps.”
Questions? Give us a call at 703-466-0477 to schedule a time to discuss your needs.
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