Big Tax Law Change Enacted on Your Retirement Accounts

Prior to 2020, when a non-spouse beneficiary inherited a traditional retirement account, that beneficiary was eligible for a planning strategy known as a stretch IRA. A stretch IRA extends the tax-deferred status of an inherited IRA when it is passed to a non-spouse beneficiary. The benefit of this planning technique is that the non-spouse beneficiary would not have to recognize the entire inheritance as taxable income in the year they inherit the money.
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