kannon
Recycles dryer sheets
I been trying to get a simple summary of what happens when you inherit retirement money. This is what I believe are the facts concerning inheriting money and using the lifetime RMD, please correct if I am wrong.
Traditional IRA (funded with pre-tax dollars)
- inherited assets grow tax deferred
- follow RMD over new owner's lifetime
- distributions are taxable
Traditional IRA (funded with after tax dollars)
- inherited assets grow tax deferred
- follow RMD over new owner's lifetime
- distributions are taxable except for original contributions which were paid with after tax monies
Roth IRA
- inherited assets grow tax deferred
- follow RMD over new owner's lifetime
- distributions are NOT taxable
Traditional 401k (funded with tax deductible dollars)
- inherited assets grow tax deferred
- follow RMD over new owner's lifetime
- distributions are taxable
Do I have this correct??
Thanks
Traditional IRA (funded with pre-tax dollars)
- inherited assets grow tax deferred
- follow RMD over new owner's lifetime
- distributions are taxable
Traditional IRA (funded with after tax dollars)
- inherited assets grow tax deferred
- follow RMD over new owner's lifetime
- distributions are taxable except for original contributions which were paid with after tax monies
Roth IRA
- inherited assets grow tax deferred
- follow RMD over new owner's lifetime
- distributions are NOT taxable
Traditional 401k (funded with tax deductible dollars)
- inherited assets grow tax deferred
- follow RMD over new owner's lifetime
- distributions are taxable
Do I have this correct??
Thanks