If you inherit an Individual Retirement Account from someone other than your spouse, you may be surprised to learn you have to take distributions. That’s generally the case whether the IRA is a traditional or a Roth account. If you fail to take the distributions as required, you may owe a penalty of as much as 50% of the amount you should have taken. Distributions from inherited IRAs have specific deadlines. Contact us for help managing these key dates.
Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in the McLean and Tysons Corner, VA. Gilliland & Associates specializes known for our superior knowledge and aggressive interpretation and application of tax laws, we help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and Twitter.