Notifications
Clear all

Inherited IRA

3 Posts
2 Users
0 Likes
463 Views
(@tucker201)
New Member Customer
Joined: 3 years ago
Posts: 4
Topic starter  

Perhaps it doesn't matter in the long run and it just averages out.

Using Gold 2020, When I add the inherited IRA from 2020, it automatically assumes that I will be withdrawing yearly for the allowed 10 year time frame. I can change the number of years from 10 to any smaller number, however, it always assumes the withdrawal happened in 2020. The issue is that I have not taken any money from the IRA and I'm wanting it to reflect actual conditions, instead of assuming a position that I can't do because 2020 is in the past.

Thank you


   
ReplyQuote
(@tucker201)
New Member Customer
Joined: 3 years ago
Posts: 4
Topic starter  

I just figured it out, change the beginning of the modeling year.


   
ReplyQuote
(@smatthews51)
Member Admin
Joined: 4 years ago
Posts: 729
 

@tucker201 I'll try to add a little more information for you. If you're using PRC2021 and inherited the IRA in 2020, then you would not specify a "Year the Inheritance Occurs" on the Income page (because it is assumed to have already occurred and the starting balance is specified on the Financial Assets > Initial Balances page) and you would only need to specify the distribution period, which can be whatever you want it to be.


   
ReplyQuote
Share: