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.
As the glow of Christmas lights begins to fade and the New Year settles in, one last
celebration quietly continues in many homes and churches around the world:
Epiphany. Observed on January 6, Epiphany is also known as
Three Kings’ Day, Theophany, or Little Christmas. It marks the
moment when Jesus was revealed to the world traditionally through the visit of the Wise Men
bearing gifts.
Even though Christmas Day has passed, Epiphany keeps the spirit of the season alive a little
longer. It blends history, faith, folklore, and family tradition, and it’s a celebration that
continues to evolve in modern times.
CES 2026: The Trends, Technologies, and Creative Inspiration Shaping the Year Ahead
Every January, the world’s most influential technology showcase takes over Las Vegas:
CES the Consumer Electronics Show. It’s where the future is unveiled,
where global brands debut their boldest ideas, and where the next 12 months of consumer
excitement are essentially scripted. For creators, designers, and small brands, CES is
more than a tech expo it’s a preview of the cultural and aesthetic shifts that will
shape what people want in their homes, on their walls, and in their daily lives.
For creative businesses built around calendars, wall art, and festive design, CES is a
goldmine of inspiration, a place where technology and visual trends meet. The event starts
on January 6th.
A global journey through fireworks, festivals, rituals, and traditions that welcome the arrival of 2026.
As 2025 draws to a close, cities and cultures across the world are preparing to welcome 2026 with fireworks,
festivals, ancient rituals, and modern spectacles. From the first midnight in the Pacific islands to the final
countdown in the Americas, New Year’s Eve and New Year’s Day offer a fascinating snapshot of our shared hope
for renewal. Whether you dream of standing beneath a sky full of fireworks, joining a centuries‑old ritual, or
adopting a new good‑luck tradition at home, the arrival of 2026 is filled with possibilities.
This article takes you on a tour of New Year’s celebrations across continents, highlighting unique cultural
traditions, and shares inspiration you can bring into your own celebration at home. You’ll also find links
to travel guides, destination features, and cultural explainers that your visitors can click to explore in more depth.
Setting up your salon’s service menu isn’t just about covering overheads or matching the competitor down the street. It’s a subtle psychological dance. The prices you choose tell a story about your brand before a client even walks through the door. Understanding the mental triggers behind spending can turn hesitant browsers into loyal regulars. To help you achieve this in your salon, we’re here to cover the psychology behind effective service pricing.
We often think of nature as a peaceful backdrop to our daily lives—lush parks, tree-lined streets, and vibrant forests. However, if left unchecked, plant growth can compromise public safety.
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