1884: [Part 1] Tax Planning For Inherited IRAs by Sean Mullaney of FI Tax Guy

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🗓️ 7 May 2022

⏱️ 11 minutes

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Summary

Sean Mullaney of FI Tax Guy talks about tax planning for inherited IRAs. This is part 1 of 2. Episode 1884: [Part 1] Tax Planning For Inherited IRAs by Sean Mullaney of FI Tax Guy Sean Mullaney is a financial planner and the President of Mullaney Financial & Tax, Inc. Mullaney Financial & Tax, Inc. offers fiduciary, fee-only, hourly, and advice-only financial planning. Sean established Mullaney Financial & Tax, Inc. after a lengthy career in public accounting. He worked in the tax departments of both Deloitte & Touche and PwC, including over 6 years in PwC’s Washington National Tax Services practice. Sean is a Certified Public Accountant licensed in California and Virginia. He is a member of the American Institute of Certified Public Accountants and an associate member of the National Association of Personal Financial Advisors. Sean has degrees in accounting, law, and taxation and a certificate in financial planning. The original post is located here: https://fitaxguy.com/2020/10/ Visit Me Online at OLDPodcast.com · Note: The podcast ad for the IMPACT app is unscripted and being recorded live. It may contain some slight differences. Please visit https://impact.interactivebrokers.com/ for full details of products and services. Interactive Brokers, LLC member FINRA/SIPC. · The projections or other information generated by IMPACT app regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Please note that results may vary with use of the tool over time. · The paid ad host experiences and testimonials within the Podcast may not be representative of the experiences of other customers and are not to be considered guarantees of future performance or success. The opinions provided within the ad belong to the host alone. Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily, Episode 1884, Tax Planning for Inherited IRAs.
0:06.8	Part 1 by Sean Mulaney of 5taxguy.com
0:11.3	And I'm your host and personal finance enthusiast, Diana Mariam.
0:15.7	I have a bit of a longer post today.
0:18.4	I'll read the first half today and then finish the rest for you tomorrow.
0:22.6	So let's dive into the first half and start optimizing your life.
0:30.8	Tax Planning for Inherited IRAs.
0:33.7	Part 1 by Sean Mulaney of 5taxguy.com
0:39.3	There's attention some in the financial independence community feel.
0:43.9	Should I work with a financial planner or not?
0:47.1	In some cases, do it yourself might very well be sufficient.
0:51.2	However, one situation that may strongly suggest you need professional financial
0:56.3	planning and tax assistance is inheriting a sizeable IRA.
1:01.2	The Secure Act made important changes to inherited IRAs that for many will necessitate significant
1:08.4	planning. Note on terminology. The original owner of a retirement account, 401k,
1:15.7	traditional IRA, Roth IRA, etc, is referred to as the owner.
1:21.3	Upon the owner's death, a retirement account passes to a beneficiary or beneficiaries.
1:28.2	The beneficiary never becomes the owner other than in the case of a spousal rollover.
1:34.3	The beneficiary is referred to as the beneficiary.
1:38.3	Upon the beneficiary's death, the retirement account passes to another beneficiary or
1:44.0	beneficiaries sometimes referred to as successor beneficiaries.
1:49.8	The Stretch IRA. Before January 1, 2020, many traditional IRA beneficiaries could stretch out the
	...

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