Shift INHERITED IRA to your 401k - TAX FREE!!!

Since a new law came into effect in 2020, IRAs inherited from a non-spouse have been subject to less favorable rules. Notably, the new law says these accounts must be withdrawn within 10-years (with a few exceptions) Notably, the majority of inherited IRAs are comprised of pre-tax dollars which means any distribution will increase a tax-payers income. Some people would rather defer the taxes because they may be still working and already paying a high marginal tax rate. One strategy for deferring the tax bill is INDIRECTLY shifting dollars from the INHERITED IRA to a 401k plan. In this video we discuss the strategy and who it may be available to.

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👉 My professional focus is retirement planning for individuals age 55+. Please visit my website or reach out for a complimentary planning session. Thanks for watching! 😀

Ted Erhart, CFP®
Financial Planner
Anoka, Minnesota
www.norrislakeretirement.com
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Norris Lake Financial Planning is a SEC registered investment advisor able to conduct advisory business in states where it is registered, exempt or excluded from registration. All contents contained herein should not be construed as an offer or solicitation for investment advice or for the offer or sale of any security, insurance or other investment product. Data contained here is obtained from believed reliable sources, however, cannot be guaranteed. Investments contain a risk of loss. Please consult a qualified legal, tax or accounting professional before implementing any investment or strategy discussed.