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Inherited Non Spouse IRA Distribution - Taxable in Illinois?
The last post I saw on this topic was in 2019. For 2023 tax year will a distribution taken from an Inherited Non Spouse IRA be taxable to me (the beneficiary)? I am under the 10 year rule and 66 years old and this year my income is lower, so it seems like a good time to take out a distribution over and above the RMD amount. I know I have to pay Federal Tax but not sure what current tax law is about Illinois State Tax. I know IL does not normally tax IRA distributions but didn't know if they treat non-spousal inherited IRA distributions differently. Please advise. Thanks
‎December 8, 2023
3:34 PM