Discussion:Inherited IRA-Beneficiary (s)
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| Revision as of 01:50, 31 July 2009 Taxteck (Talk | contribs) (If the contract) ← Previous diff |
Revision as of 03:15, 31 July 2009 Chase (Talk | contribs) (I think an impor) Next diff → |
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| {{ForumReplyPost|UserID=Taxteck|Date=31 July 2009|Text=If the contract really says that, then you are stuck with it.}} | {{ForumReplyPost|UserID=Taxteck|Date=31 July 2009|Text=If the contract really says that, then you are stuck with it.}} | ||
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| + | {{ForumReplyPost|UserID=Chase|Date=31 July 2009|Text=I think an important point to make too is that if the IRA was included in the decedent's estate, if it was a taxable estate, not to forget the estate tax deduction eligible to the beneficiaries receving the distributions out of the IRA.}} | ||
Revision as of 03:15, 31 July 2009
Discussion Forum Index --> Advanced Tax Questions --> Inherited IRA-Beneficiary (s)
Discussion Forum Index --> Tax Questions --> Inherited IRA-Beneficiary (s)
Southparkcpa (talk|edits) said: | 9 June 2009 |
| I have a client who inherited an IRA, all was done properly and he is taking the RMD's over his life expectancy. If he should die unexpectedly, can an inherited IRA be passed to his beneficiary's for rollover treatment or will they simply receive the payout and it is then taxable. I have checked this site and a few resources and can't seem to find this. It should be common but I am drawing a blank. | |
Southparkcpa (talk|edits) said: | 9 June 2009 |
| This is an inherited -Traditional IRA titled in the decedents name (propery.).
BLRG- Thanks, I recognize that he can have his own beneficiaries BUT the law is pretty firm that this is NOT his IRA but the decdents and careful titling was necessary. I can't find anything in the code SOLID that says his beneficiaries are entitled to RMD's. | |
| 9 June 2009 | |
| I've taken CPE seminars about this. The inherited Traditional IRA titled in the decedent's name can go on for generations. The benes get the RMD according to their life expectancy. | |
| 14 June 2009 | |
| On a tangent -- is this correct that the beneficiary of an inherited IRA can't roll that money into a Roth? | |
| 14 June 2009 | |
| Depends. If the beneficiary is a surviving spouse, then the Roth conversion would be ok. | |
| 14 June 2009 | |
| Southpark, read the original IRA contract. There should be a provision for successor beneficiaries. | |
| 30 July 2009 | |
| I got this same question today. My client says that the IRA company told her that there could be no beneficiary added. Furthermore, upon her death the remaining IRA account is immediately distributable to her estate. | |
| 31 July 2009 | |
| If the contract really says that, then you are stuck with it. | |
| 31 July 2009 | |
| I think an important point to make too is that if the IRA was included in the decedent's estate, if it was a taxable estate, not to forget the estate tax deduction eligible to the beneficiaries receving the distributions out of the IRA. | |
