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LegalCornerTM - Estate and Gift Tax F.A.Q.'s

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Q.What tax will my heirs owe on an inherited Roth IRA?

A.No income tax will be owed, so long as the funds have been in the Roth IRA for at least 5 years. Moreover, your heirs will be allowed to take minimum withdrawals throughout the lives (based on the value of the Roth and the life expectancy of your heirs). This enables the assets in the Roth IRA to continue to grow tax free.

IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained on this web site is not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed on a taxpayer under the U.S. Internal Revenue Service.

Copyright 1999-2024 Melissa C. Marsh. All Rights Reserved. All Information on this website is subject to a Disclaimer and Use Agreement. This information is provided as general information only and should not be construed as legal advice. We advise you to seek the advice of competent legal counsel to address your own specific questions, facts and circumstances.