Do You Pay Taxes On Inherited Mutual Funds

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You can keep the IRA at that bank or transfer it to a different IRA custodian, such as a brokerage firm or mutual fund company. Money from an inherited IRA must be directly transferred from the old account to the new one, so check with the new.

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Fortunately, you have many options to minimize the taxes on your investment portfolio. Some of them are so simple anyone can do them, while others are more ... more broadly diversified mutual funds rather than a whole bunch of less diversified niche.

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What do you do now? You could spend it on some extravagance, but you would be better off doing two things first: assessing the tax ramifications and thinking about some investment options. "Death taxes " are somewhat misunderstood, as people can find.

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However, mutual fund performance can vary widely, and some mutual funds charge more in annual fees than others. Additionally, mutual funds can be sold in different share classes with different costs, so if you 're not careful, you could end paying more.