Inherited IRA Rules: What You Need to Know Before 2025

Morningstar, Inc.

Thoughts about buying a new car or going on a luxurious trip may cross your mind when you receive an inheritance. Yet, not following strict rules could deflate your dreams and inflate your tax bill if you’re not careful. After years of confusion and complaints, the IRS finalized new rules for inherited IRAs. They’re scheduled to go into effect on Jan. 1, 2025. So, what do you need to know if you inherited an IRA since 2020 or expect to in the future? Denise Appleby is known as “The IRA Whisperer.” The Morningstar contributor has written about the upcoming changes. Here’s our conversation.

Video with transcript.

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