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inherited IRA

Inherited IRAs and Spousal Rollovers: Today's Slott Report Mailbag

If the owner of an inherited IRA was required to take RMDs from the IRA prior to his death, can a beneficiary who is younger than age 70 1/2 request QCDs from the inherited IRA?

The Once-Per-Year Rollover Rule and The Recent Proposals by Congress: Today's Slott Report Mailbag

Question: I have four IRAs. Does the once-per-year IRA rollover rule mean I can only take one distribution per year in total or does it mean I can only take one distribution per year from each of my four IRAs? Glen

72(t) Payments and Inherited IRAs: Today's Slott Report Mailbag

Question: My situation is as follows: I am 56 years old and have an IRA which I have been taking SEPP/72(t) payments since 2008.

Inherited IRAs and 2021 RMDs: Today's Slott Report Mailbag

Question: Good morning, I have an inherited IRA. I took a manual withdrawal from it in late August. I thought I had deleted my auto withdrawal on the custodian’s website. I just noticed today that another distribution was taken on 9/17. I have done nothing with the money in the core account that it was transferred to. Is there any way for me to reverse this error? Thank you for any assistance.

IRA Beneficiaries and Inherited IRAs: Today's Slott Report Mailbag

Question: Hi, I have a client who died in 2021 before taking his 2021 RMD. He designated various charities as beneficiaries of his IRA. The IRA custodian is advising the executor to take the RMD, however according to a previous post by Mr. Slott, Revenue Ruling 2005-36 states in this scenario the RMD is to be paid to the beneficiaries. I suggested the client ask the custodian to request confirmation from their legal department. Any other steps? Thank you, LP

Can EDBs Split Inherited IRAs?

A surviving spouse has a number of options regarding how to deal with IRAs inherited from his or her deceased spouse. The age of both the deceased and surviving spouse will most often dictate the decision as to how to proceed. Typically, a surviving spouse who is age 59 ½ or older will do a spousal rollover with the assets. A spousal rollover allows the surviving spouse to consolidate the inherited IRA into her own, thereby minimizing future paperwork and confusion. She will have full and unfettered access to the assets (other than potential taxes due).

Marriage Has Its Benefits - 4 IRA Rules Same-Sex Couples Should Know

June is PRIDE Month. This June also marks the sixth anniversary of the landmark Supreme Court case Obergefell v. Hodges, which legalized same-sex marriage. In the wake of this decision, millions of same-sex couples headed to the alter over the past few years. Many of these newlyweds, never expecting to see a day when they would be allowed to marry, may not have paid much attention to the special breaks that married couples receive under the tax code. When it comes to IRA rules, spouses have many advantages, and couples in same-sex marriages are no exception. Here are four special IRA rules for spouses that same-sex couples should know about:

RMD Rules & Inherited IRAs Under the SECURE Act: Today's Slott Report Mailbag

Question: We have a client that owns two substantial IRA accounts plus a smaller beneficiary IRA. Does the beneficiary IRA have its own RMD rules (the client has owned it for 10 years and has been taking RMD’s from it based on the old stretch IRA rules)? Or can the beneficiary IRA be lumped together with the other IRA’s for RMD calculation purposes? If so, can this year’s total RMD be withdrawn from the beneficiary IRA without having to touch the other two IRA’s?

Inherited IRA & 401(k) Accounts: Today's Slott Report Mailbag

Question: Hi, I inherited my husband's 401(k) when he died last year. I kept the assets with the 401(k) administrator, believing I had to do that to take distributions without 10% penalty. (I am under 59 ½ years old). If I roll over the 401(k) to an inherited IRA, will I still be able to take penalty-free distributions? Thank you Donna

The IRA Contribution Deadline and Inherited IRAs: Today's Slott Report Mailbag

Question: Has the deadline to make an IRA contribution for 2020 been extended since the 2020 tax filing date has been extended to May 17, 2021? Robert Answer: Hi Robert, Yes. The 2020 IRA contribution deadline is also extended to May 17, 2021.

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