Question

Inherited IRA

Forum|Forum|1 year ago
February 6, 2025
1 reply
0 views

My father passed in December 2019. I inherited a traditional IRA from him but did NOT transfer it into my name until November of 2024. From what I've read online I know I need to take minimum distributions and am concerned that because he passed before change in law, I may now be subject to a 50% tax by IRS! Is this true? The IRA is 27k and I need help figuring out how and what to do to minimize my tax burden. I'm single and 58 years old.

Ask the Experts - MetLife VI - Feb 2025

R

RobertB4444

Because it is an inherited IRA you should talk to the financial management company that is handling it for you and have them manage your RMD automatically starting immediately. It should just be sent with you and taxes sent to the IRS every year.

@mberelake4

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

M

mberelake4Author

@RobertB4444 Thanks for advice. It's Vanguard and they did not offer any assistance like what you mentioned. Will I have to pay a fee for them to do this? If at all possible I'd rather do it myself to avoid extra fees. But do you know if I am subject to that 50% tax? Their website suggested I contact "my tax professional".