July 21, 2017

Calculating IRD Deduction

If you’re the recent beneficiary of a loved one’s retirement assets, you may be unaware of an income tax deduction available to you called the income in respect of a decedent (IRD) deduction.

When certain inherited assets, such as IRAs, 401(k)s, and other retirement accounts are hit with both federal estate and income tax, this deduction can help offset the impact.

Your IRD deduction should be included on your 1099-R form, but don’t expect your CPA to be the one to find it, as too often, this deduction is overlooked. Taking the time to claim it can help reduce your tax bill and keep more of your inheritance in your hands.

Click here to download “Calculating an IRD Deduction in 5 Easy Steps.”

Have questions about your inheritance or estate planning needs? We are here to help! Give us a call at 703-466-0477 to schedule time for an appointment.

Securities offered through Triad Advisors, Inc. LLC. Member FINRA/SIPC.

The information provided for informational purposes only, and does not constitute an offer, solicitation, or recommendation to sell or an offer to buy securities, investment products or investment advisory services. All information, views, opinions, and estimates are subject to change or correction without notice. Nothing contained herein constitutes financial, legal, tax, or other advice. These opinions may not fit to your financial status, risk and return preferences.

Securities offered through Triad Advisors, LLC, Member FINRA / SIPC 

Investment advisory services offered through AMJ Financial Wealth Management LLC

AMJ Financial Wealth Management LLC is not affiliated with Triad Advisors, LLC