Don’t Lose Part Of Your IRA Inheritance To Penalties

If you inherit an Individual Retirement Account from someone other than your spouse, you may be surprised to learn you have to take distributions. That’s generally the case whether the IRA is a traditional or a Roth account. If you fail to take the distributions as required, you may owe a penalty of as much as 50% of the amount you should have taken. Distributions from inherited IRAs have specific deadlines. Contact us or your financial advisor for help managing these key dates.