KarlH
Recycles dryer sheets
In the next year I will begin withdrawals on an inherited IRA over a 10 year schedule due to the recent changes in tax law. In Illinois, retirement income is free from State income tax, but I do not know if this applies to inherited IRA withdrawals in the same way it would from regular IRAs. Currently my plan is to make my withdrawals prepaying the appropriate tax, but I am unsure how to treat Illinois. Should I prepay at the fixed state income tax rate, or skip the state tax?
Does anyone know the rules for inherited IRAs in Illinois?
Thanks in advance
Does anyone know the rules for inherited IRAs in Illinois?
Thanks in advance