Did you recently inherit an IRA from a family member? If so, then there are some steps you need to take to avoid common mistakes. Retirement accounts tend to have a lot of confusion surrounding them for this reason.
If you inherit an IRA, you’re responsible for figuring out how to handle it. Unfortunately, there's no class you can take to understand what to do with your IRA.
After all, you'll need to deal with estate planning, paying taxes, and more. It can be a lot to handle if you aren't sure what to do. Luckily, we're here to clue you in on crucial steps to take after you inherit a retirement account.
Give Your IRA a Title
First, you'll need to ensure that your IRA has an appropriate title. You should look for two critical things on the title of your IRA:
The name of the original owner (deceased)
An indication that you inherited the IRA
If the IRA is from your spouse, then you have the option of depositing the contents of the IRA into your account. If you want to take this route, you need to act within 60 days of inheriting the IRA.
If the account doesn’t come from your spouse, then you can’t move the money into your personal account. Instead, you need to start a Benefit or Inherited IRA in your name. That will enable you to transfer the assets from the inherited IRA to your new account.
Calculate Distribution Amounts
If you inherit the IRA from your spouse, then the year-end account value will determine your distribution rate. An example would be using the account value from December 31, 2019, for 2020.
If you inherit an IRA from someone other than your spouse, then the rules are different. In this case, you have 10 years to withdraw the entirety of the account. If you go beyond that period, you'll lose the remainder of the assets.
Find Out if Your IRA Has an After-Tax Basis
This is a crucial step that you shouldn’t skip. Fill out IRS Form 8606 to determine if your inherited IRA has an after-tax basis. If so, you can claim the non-deductible part of the required minimum distribution.
Plan for Paying Taxes
Lastly, you'll need to know how to handle the taxes for your inherited account. Roth IRAs and standard IRAs have differing rules here. Minimum distributions are often tax-free for Roth IRAs. That means if you plan on withdrawing the minimum amount each time, you won't have to pay taxes. Standard IRAs are different and are often fully taxable. That means you'll need to pay taxes on your distributions.
Those are the steps you'll need to take once you inherit a retirement account. By checking all these boxes, you'll be able to enjoy your inherited retirement account without any stress. Remember to ensure your account has a proper title, configure your distribution amount, and discover if you need to pay taxes.
Each January, leaders from around the globe gather in Davos, Switzerland, for the annual meeting of the World Economic Forum (WEF).
This high-altitude summit has become a symbol of dialogue, cooperation, and sometimes controversy, as political, business, academic
and civil society leaders confront the world’s most pressing challenges, from economic instability and climate change to technology,
security, and social inequality.
Dates: January 19–23, 2026
Theme: “A Spirit of Dialogue”
Participants: Over 2,500 leaders from around the world
What Is the World Economic Forum?
The World Economic Forum is an international organization for public–private cooperation. Founded in 1971, it brings together
leaders from governments, companies, international organizations, and civil society to discuss global issues and explore
collaborative solutions. The annual meeting in Davos is its flagship event, where hundreds of sessions, panels, and informal
gatherings shape debates that often influence policy and business decisions worldwide.
Every January, the United States pauses to honor the life and legacy of Dr. Martin Luther King Jr., a minister, activist, and visionary whose moral courage reshaped the nation. Martin Luther King Jr. Day is more than a federal holiday. It is a moment of reflection, service, and recommitment to the ideals of equality and dignity for all people. As the world continues to evolve, the meaning of this day grows with it, inviting each generation to carry forward Dr. King’s unfinished work.
A Brief History of Dr. King’s Life and Leadership
Martin Luther King Jr. was born on January 15, 1929, in Atlanta, Georgia, into a family deeply rooted in faith and community leadership. Guided by the teachings of his father, Reverend Martin Luther King Sr., and inspired by the nonviolent philosophy of Mahatma Gandhi, King emerged as one of the most influential leaders of the American civil rights movement.
Food processing facilities constantly strive for higher efficiency to meet growing consumer demands and maintain profitability. Efficiency improvements not only enhance productivity but also help reduce costs, minimize waste, and ensure the safe handling of food. By implementing strategies to increase efficiency in your food processing facility, you can streamline operations and ensure long-term success.
Living in a smaller home or apartment has its charms, but as time passes, finding a place for everything is challenging. But don’t worry! You don’t need a massive renovation or a bigger house. Reclaim your square footage and stop tripping over shoes in the hallway with some creative storage solutions for small spaces that offer a fresh perspective.
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