Inherited IRA Tax Tips

Are you inheriting an IRA or are you planning on leaving your loved ones an IRA? Then be sure you understand the tax implications of inherited IRAs. Here to explain them is Joe Taxpayer, founder of the popular blog, JoeTaxpayer.com. He helped one of his readers save – get this - $90,000 in taxes on an IRA. (His reader had already consulted an attorney and gotten bad advice, and almost paid a hefty tax bil as a result.)

I recently met Joe at a conference. You know how some people are just passionate about what they do and about helping others? That’s him. What he shared over lunch saved me a lot of money and headaches, and I wanted to make sure you had the chance to benefit from his advice as well.

Here’s what you’ll learn:

· Why you must have a designated beneficiary for your IRA and why it must be updated.

· How your beneficiaries may wind up paying more in taxes if you just leave the IRAs to the will, rather than naming beneficiaries.

· Why you can’t just transfer the IRA to another IRA.

· How to pay less tax when you inherit an IRA. You have a couple of options.

· The common misperception about the estate tax and how it applies to IRAs. (This one tripped me up!)

· The difference between taxes on a Roth IRA versus a traditional IRA when beneficiaries inherit them.

· What you’ll learn in Publication 590 from the IRS.

· How to get free answers to your tax questions – you’ll love this one!

Listen Now:



About My Guest:


Joe Taxpayer is father, puppy owner, and math whiz. He shares a wealth of information about how to avoid tax traps on his blog and he generously shares his knowledge and research about inheriting an IRA in this very important podcast.

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Jul 01, 2013
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Mahalo for Joe!
by: Honolulu Aunty

Aloha Gerri,

Thanks much for the Joe Taxpayer interview! I am 60 years old and learn a lot from Joe. I also love your interview style - the questions you pose are what I would want to know!

Mahalo for your excellence,

Sarah aka Honolulu Aunty

Reply from Gerri:

I've learned a ton from Joe too, and he's very generous with his knowledge. Thanks for the kind comment!

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