Tax and Money Tip of the Week
Encourage your Senators to Vote to Protect Inherited IRAs
February 22, 2012 | No. 82
Inherited IRAs- How to Contact your Senators
Last week, I encouraged all of you to write to your Senators regarding proposed changes to IRAs. Here is a link to do so from the Financial Services Institute:
http://www.bipac.net/issue_alert.asp?g=FSI&issue=highway_1813&parent=FSI
This bill would no longer permit tax deferred stretches of IRAs for beneficiaries other than a spouse, minor children, or the disabled. Adult children would only be permitted a five-year window to defer.
Overall, this bill would require beneficiaries to pay taxes on inherited IRAs over five years instead of spreading them over their lifetime. If passed, the provision would apply to deaths after December 31, 2012.
If you decide to contact your representative, follow the link above and let them know you want your inherited IRAs protected.
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
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