Minimum Required Distributions. If you inherit an IRA from your parent and can't transfer it to your IRA, you might need to distribute the account by the end of a five-year period. The five-year rule applies if any of the beneficiaries is not an individual.n individual retirement account rewards long-term savers with tax-deferred or tax-free income. You can deduct contributions to a traditional IRA but must pay taxes on withdrawals. You donât get a tax deduction for Roth IRA contributions, but withdrawals are tax-free if you observe the rules.
But thereâs a lingering myth that VA loans take forever to close. And thatâs simply not the case. Most VA loans close in 30 to 45 days, which is standard for the mortgage industry regardless of the type of financing. In fact, dig into the numbers a bit and you donât find much difference between VA and conventional loans.
Get Started with your VA Loan Request. With a Chapter 7 bankruptcy, VA-approved lenders will typically wait until youâre at least two years beyond the date of discharge. That time frame is important to remember â the clock starts with the discharge, not with the initial bankruptcy filing.ome veterans who file for Chapter 13 bankruptcy protection may be eligible for a VA loan just 12 months removed from their filing date. Satisfactory credit and no late payments during that time will be critical factors.