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Mullooly Asset Management

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Non-Spouse Beneficiary IRAs

July 21, 2014 by Thomas Mullooly

What are your options when you inherit an IRA from somebody who wasn’t your spouse? This is a great question and one that we help clients with on a regular basis. There are a handful of options available in this situation. This specific type of IRA is fittingly referred to as a non-spouse beneficiary IRA.

In the event that you inherit a non-spouse beneficiary IRA, the straightforward plan of action is to take a distribution for the entirety of that account. This means paying taxes on the money and also a penalty if you’re under age 59 1/2. Many investors make the mistake of assuming this is their only choice though.

While you won’t be able to roll the inherited IRA into your own, you can actually keep the IRA. Bear in mind that if the original owner began their required minimum distributions, they must be continued. You may continue the payments over the original owner’s life expectancy or your own. If required distributions weren’t being taken before inheritance, they’ll need to be started. They’ll be based off your life expectancy and age.

Another option is to spread the distributions over a five year period. This will not incur a penalty.

Make sure to watch the video to hear from Tom on this topic! As always, consult with your investment advisor before making any decisions regarding a non-spouse beneficiary IRA or any other type of investment or account.

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About Thomas Mullooly

Thomas Mullooly is owner and founder of Mullooly Asset Management, Inc. In 2002 Tom opened Mullooly Asset Management, a fee-only investment advisory firm. As an investment advisor, and not a broker, Tom works strictly for his clients. With the help of point and figure charting, Tom builds a realistic game plan for clients.

1971 State Route 34, Suite 102
Wall Township, NJ 07719

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The information on this website and blog do not involve the rendering of personalized investment advice. A professional advisor should be consulted before implementing any of the options presented. None of the content contained in this website should be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.

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