I inherited an IRA from a parent in 2021 and I’m confused about the rules regarding taking withdrawals. Do I have to take a Required Minimum Distribution and how often?

The IRS says that when death occurs on or after the account holder’s “required beginning date” (usually at age 72), the non-spouse beneficiary has 10 years to take a full distribution of the inherited IRA (or qualified plan). The IRS changed the rules surrounding non-spouse beneficiaries with the SECURE Act passed in 2019, eliminating the…

Am I eligible to make a Roth contribution in 2022?

One of the greatest savings accounts that allows for tax-free growth and withdrawals is a Roth IRA. But, there are rules (of course!). First and foremost, you need to have “earned income” to even consider making a contribution. The answer to this question should be posed to your accountant, but if you are only receiving…