In this episode, we dive into the often confusing world of inherited IRAs and Required Minimum Distributions (RMDs), especially for those of you navigating these rules here in Georgia. If you've recently inherited an Individual Retirement Account, you may be wondering how the SECURE Act of 2019 and state tax laws impact your financial situation. We're here to break it all down.
We'll cover the federal RMD rules, including the 10-year rule for non-spouse beneficiaries, as well as key exceptions for "Eligible Designated Beneficiaries." On top of that, we’ll explain how Georgia state taxes come into play, including how traditional inherited IRA distributions are taxed and how the retirement income exclusion could provide some relief for older residents.
If you've inherited a Roth IRA, we’ll also clarify the tax-free benefits you can enjoy on both federal and state levels. Tune in to get the clarity you need on how to handle your inherited IRA and RMD requirements, and stay informed about what steps you should take next to protect your financial future.
