Consolidating inherited iras

Deduction Limits How much of your IRA contributions can you deduct on your taxes?

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This gives you the maximum time to enjoy IRA-related tax benefits like deferral for traditional IRAs or tax-free income for Roth IRAs. If you inherit a traditional IRA, you're not allowed to convert it to a Roth IRA.We can help you plan so that you'll have to take only one required minimum distribution (RMD) each year.Call us at 877-662-7447 to learn more about consolidating IRAs.This limited delay allows you to do some tax planning, and there can be a real benefit to extending the deadline five years if you believe that your income will drop dramatically and make the tax burden of a traditional IRA withdrawal less onerous.An even better option for nonspouse beneficiaries involves what's known as a stretch IRA strategy.

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