Inherited IRA Considerations

Share Button

In June 2014, the Supreme Court ruled unanimously that individual retirement accounts (IRAs) inherited by a taxpayer are not protected in bankruptcy proceedings. In the case of Clark v. Rameker the courts have acknowledged that, while bankruptcy code is intended to protect the retirement accounts of debtors, it is not intended to protect inherited IRAs.

Three key factors distinguish traditional IRA accounts from inherited IRA accounts: :

  1. No additional contributions can be made to the inherited IRA accounts.
  2. The holders of the inherited IRA accounts are required to take minimum distribution even if they are not retired or of retirement age.
  3. Early …read more

    Read more here:: Tax

    About Aronson LLC

    Aronson LLC has written 576 post in this blog.

    Aronson LLC has been thinking ahead for its clients for more than 50 years. Aronson’s construction, real estate, government contracting, nonprofit, technology and private industry experts provide innovative audit, tax, and consulting services that help its clients move to the next level. From start-up to exit strategy, Aronson works with companies throughout the entire business lifecycle by proactively identifying opportunities and addressing challenges so that clients are able to focus on their core business. Aronson shows companies how to rethink everything to be more profitable, more competitive and better prepared for the future.

    Share Button