I am (unfortunately) in the situation where I received an IRA.
It’s not applicable for me to roll it over into my retirement accounts. I do not have to take mandatory yearly distributions (since it was not being withdrawn from yet) but I will have to empty the account in 10 years and any withdrawals will be taxed as regular income (as told to me by the on boarding representative from Fidelity).
So I was wondering, how will it work out if someone invested in SPYI, QQQI, GPIX, GPIQ, ROCQ or ROCY and turned the drip off. Are they able to have the premiums/dividends deposited into a different Fidelity account? If not and they are deposited into the IRA, what happens to them (or even regular dividends) when they take them out tax wise?
Not asking what to buy, just want to know the tax implications in this situation.