Since the 2019 law change, if you inherit an IRA from someone who is not your spouse, in most cases, you’ll have 10 years to withdraw the funds. The majority of IRAs are comprised of pre-tax dollars. This means that when you take a withdrawal, you generally have to pay taxes. Especially for those who have the ability to control their income, good planning can result in paying a much lower tax rate. No planning can result in a high tax rate, increased Medicare programs and increased taxation of Social Security benefits. In this video we share a strategy for managing income within the lowest federal tax brackets.
