How to Take Distributions From an Inherited IRA

And, expert analysis of the Harris and Trump tax plans. Created for {EMAIL} | [Web Version]( September 11, 2024 CONNECT WITH KIPLINGER  [LinkedIn]( [Facebook]( [X]( [Instagram ]( [Youtube]( [SIGN UP](format=multipart) ⋅ [WEBSITE]( [] INTRODUCTION [] [Stepping Into A Medicare Data Breach]( I’m careful where and with whom I share my personal information. I felt helpless when I heard a Medicare contractor was hit by a cyberattack that [stole the vital private details of almost 1 million Medicare beneficiaries](. Remember that government agencies don’t have to ask for our crucial personal information — they have much of it on file as a matter of business. The federal government issued my Social Security number and I file tax returns annually that are a roadmap of my finances. My advice is to stay vigilant. I decided to [freeze my credit]( and check my financial accounts daily as an offense and defense against the misuse use of my data. - Donna LeValley, personal finance writer [Make saving for retirement easy]( Choose where and when you want to retire, and a Betterment IRA can help make your money hustle all the way there. [Learn More]( ADVERTISEMENT [] DISTRIBUTIONS FROM INHERITED IRAs [] [Prepare to Start Taking Money Out of Your Inherited IRA]( [Prepare to Start Taking Money Out of Your Inherited IRA]( (Getty Images) A reprieve for adult children and other non-spouse beneficiaries of inherited IRAs will end in 2025. Before the rules change in 2020, beneficiaries of inherited traditional IRAs have always had to pay taxes on withdrawals but had more flexibility regarding the timing of distributions. The new rules are going into effect next year and the penalty for missing a required distribution is steep. Kiplinger senior editor Sandy Block carefully explains [the new distribution rules for inherited IRA beneficiaries](. [] PRESIDENTIAL ELECTION 2024: TAX PLANS [] [A Look at the Presidential Candidates’ Tax Plans Ahead of the Election]( [A Look at the Presidential Candidates Tax Plans Ahead of the Election]( (Getty Images) Some of you may have watched the debate last night and are hungry for more information. This week in A Step Ahead, the editor of the Kiplinger Tax Letter Joy Taylor analyzes the competing tax plans on the ballot this November. Former President [Trump's plan]( includes making the tax cuts passed in his first term permanent and taking it further with even lower tax rates for individuals. Vice President Harris is hewing closer to the stance of the Biden administration and focusing on raising taxes on those who make more than $400,000. [Harris’s tax proposals]( include a plan to increase the top marginal tax rate to 39.6% and raise the capital gains rate to 28% for the wealthy. [Top 5 Wealth Management Firms in the US]( If you're looking for help with wealth management, retirement, or tax planning, finding the top financial advisor in the United States means choosing between thousands of options. Check out the list of top 5 firms in the US for individual investors. [See the list]( ADVERTISEMENT [] SELF-DIRECTED IRA PITFALLS [] [7 Reasons to Avoid a Self-Directed IRA]( [7 Reasons to Avoid a Self-Directed IRA]( (Getty Images) Self-directed IRAs are not for the average retiree or financial neophytes. While they offer the opportunity to invest in alternative assets, including cryptocurrencies, real estate and gold through your IRA, it is easy to run afoul of the rules and face your IRA being disqualified. Please [read these seven reasons to avoid a self-directed IRA closely](. Being fully informed about self-directed IRAs will save you money and interaction with the IRS. [Smart Spending Abroad: Key Tips for Travelers]( As the U.S. dollar shines against other currencies, it's time to travel smart. Here are five expert money-management tips to help you save and get the most out of your global adventures. [Learn More]( ADVERTISEMENT [] OTHER KIPLINGER ARTICLES WE THINK YOU'LL ENJOY [] [Social Security Administration announces new streamlined SSI application]( The new SSI application is streamlined and less onerous than the current application process. [New Jersey residents to receive ANCHOR direct deposit or checks in mail]( NJ is sending millions in property tax relief — find out when and how much could hit your wallet. [In family philanthropy, embracing differences can pay off]( Here’s how different approaches to charitable giving among generations and individuals can actually enhance the family's giving. 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