Page 2 - Ed Slott News Today

There is no current tax deduction associated with a nondeductible IRA contribution, and contributions are not taxable when withdrawn.

Most Roth IRA beneficiaries are not obligated to take required minimum distributions, but some can choose to do so.

You could get “hammered” by taxes on your inherited individual retirement account, experts say. Here’s how to minimize your liability.

You could get “hammered” by taxes on your inherited individual retirement account, experts say. Here’s how to minimize your liability.

You could get "hammered" by taxes on your inherited individual retirement account, experts say. Here's how to minimize your liability.

You could get “hammered” by taxes on your inherited individual retirement account, experts say. Here’s how to minimize your liability.

Tax and IRA expert Ed Slott says you may want to make this change earlier than you think.

More than eight in 10 teens have already thought about their retirement. However, far fewer know the best way to set up a long-term plan, according to a report.

More than eight in 10 teens have already thought about their retirement. However, far fewer know the best way to set up a long-term plan, according to a report.

If you’ve inherited an individual retirement account since 2020, you could have a shorter timeline to withdraw the money, which can trigger tax consequences.