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0 0 0.000625390869293295 0.000938086303939887 0.0021888680425267 0.000312695434646703 -0.00156347717323318 0.000625390869293295
Stock impact report

Your inherited individual retirement account could trigger a ‘tax bomb,' advisor says. How to avoid it [CNBC]

Navient Corporation (NAVI) 
Last navient corporation earnings: 4/21 04:14 pm Check Earnings Report
US:NASDAQ Investor Relations: navient.com/about/investors
Company Research Source: CNBC
Certain heirs must empty inherited IRAs within 10 years and waiting could balloon future withdrawals and tax consequences. “If you decide not to take a distribution from an inherited IRA in a year and it continues to grow, the tax bill increases right along with it,” according to Carl Holubowich, a certified financial planner and principal at Armstrong, Fleming & Moore. If you've inherited a pre-tax individual retirement account since 2020, you could face a sizable tax bill without proper planning, experts say. Previously, heirs could take inherited IRA withdrawals over their lifetime, known as the “stretch IRA.” However, the Secure Act of 2019 enacted the “10-year rule,” which requires certain heirs, including adult children, to deplete inherited IRAs by the 10th year after the original account owner's death. But waiting until the 10th year to make IRA withdrawals “could mean sitting on a tax bomb,” said certified financial planner Ben Smith, founder of Cove Financial Plan Show less Read more
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