Talk Credit Radio With Gerri Detweiler

Are you inheriting an IRA or are you planning on leaving your loved ones an IRA? Then be sure you understand the tax implications of inherited IRAs. Here to explain them is Joe Taxpayer. founder of the popular blog by that name. • Why you must have a designated beneficiary for your IRA and why it must be updated. • How your beneficiaries may wind up paying more in taxes if you just leave the IRAs to the will, rather than naming beneficiaries. • Why you can’t just transfer the IRA to another IRA. • How to pay less tax when you inherit an IRA. You have a couple of options. • The common misperception about the estate tax and how it applies to IRAs. (This one tripped me up!) • What you’ll learn in Publication 590 from the IRS. • How to get free answers to your tax questions – you’ll love this one!