AMJ Financial Blog

Calculating Non-Spouse Beneficiary Distributions

Have you recently inherited an IRA as a non-spouse beneficiary? If so, then you will soon be required to determine exactly how much will need to be taken as your first required minimum distribution.

There are ways to “stretch” the tax benefits of these accounts by leaving them in an IRA as long as possible; however, you will need to understand the specific rules for your situation.

If you are a designated beneficiary, the process is straightforward, as you usually will be required to use your own life expectancy to calculate your distributions. However, for nondesignated beneficiaries, different rules apply. Not taking enough out before annual deadlines can result in penalties and fees.

To maximize your inheritance and limit penalties, click here to download “How to Calculate Non-Spouse Beneficiary Distributions.”

To learn more about calculating distributions, determining beneficiaries or any other estate planning needs, contact our office at 703-466-0477 to schedule a meeting.

Securities offered through Triad Advisors, Inc. LLC. Member FINRA/SIPC.

The information provided for informational purposes only, and does not constitute an offer, solicitation, or recommendation to sell or an offer to buy securities, investment products or investment advisory services. All information, views, opinions, and estimates are subject to change or correction without notice. Nothing contained herein constitutes financial, legal, tax, or other advice. These opinions may not fit to your financial status, risk and return preferences.

 

 

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