Save Tax on Inherited IRAs

It’s a new week which means we have a new Weekly Webinar episode to help you better navigate and understand your finances. This week, Mark touches on a range of wealth management topics, from recent headlines to a review of the markets, ending with tips on how you can save tax on inherited IRAs.

 Mark begins the webinar by touching on the headlines that have come out this week. Most recently, the Consumer Price Index released its numbers for the month of June, showing that inflation is coming down to more normal areas. However, Mark notes that the FED is still looking for a 2% inflation rate so it’s unclear if they will stop raising interest rates or if they’ll begin making cuts. He also touches on the numbers that came from the Producers Price Index as well as other recent economic indicators.

Following this, Mark shares updates from the Ed Slott Group for this week, the big update being that the IRS excused any missed RMDS in 2023 within the 10-year payment period and is providing a 60-day rollover relief. Mark takes some time to explain the 10-year rule that beneficiaries have to follow for rolling over funds from an inherited IRA. He goes on to talk about another update from the IRS declaring that if you turned 73 this year and had to take out an RMD that you didn’t want to, you can now roll that back into your IRA. Mark goes deeper into detail about these changes and how they may be impacting your IRA, so if you’re curious to learn more tune in.

Mark continues the webinar with a pivot to the markets and shares the recent number coming out of Wall Street. The Dow was up 2.3%, the S&P 500 was up 2.4%, and the NASDAQ was up 3.3%. YTD the Dow is up 4.1%, the S&P 500 is up 17.3%, and the NASDAQ is up an astounding 34.8%. He goes on to dig into what we can take from the market trends we’re currently seeing and gives his prediction as to what we can expect to see in the upcoming weeks.

Save Tax on Inherited IRAs
For the financial fifteen segment of the webinar, Mark focuses on inherited IRAs and how you may be able to save tax on your inherited IRA. For Mark, the reason inherited IRAs can be so difficult is because you cannot convert them into a Roth IRA. So, not only are there complex distribution rules, but you can’t convert the dollars in the account into a tax-free bucket. The key then lies in figuring out a way to use the money in your inherited IRA in a tax-efficient manner. A great way to go about this is to take advantage of Qualified Charitable Distributions, which Mark takes some time to explain. He also provides some other solutions so that you can be sure you’re taking the right steps to save tax on inherited IRAs if you have one.

It’s an episode you don’t want to miss – especially if you’ve inherited an IRA or will inherit one soon. Tune in now!

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The opinions expressed in this program are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security. It is only intended to provide education about the financial industry. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. Any past performance discussed during this program is no guarantee of future results. Any indices referenced for comparison are unmanaged and cannot be invested into directly. As always please remember investing involves risk and possible loss of principal capital; please seek advice from a licensed professional.

Attleboro Wealth Management, LLC is a Registered Investment Adviser. This program is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Attleboro Wealth Management, LLC and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Attleboro Wealth Management, LLC unless a client service agreement is in place.

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0:00 – Introduction & Upcoming
02:00 – Headlines of the Week
04:45 – Slott Updates
19:45 – Market Updates
22:27 – Financial 15