December 17, 2015
RMD for Year of Death
The second answer is correct. As his beneficiary, you are required to take his 2013 RMD from the IRA that you inherit from him. The amount must be reported under your tax identification number, as it should be included in your income. Generally, you are required to transfer the amount to your Inherited IRA to ensure proper tax reporting of the distribution. Bear in mind that even though he has died, the amount must be calculated as if he had lived to the end of the year.
Denise Appleby reviews the IRS’s postponement of 2020 IRA contributions and other transactions The IRS recently issued Notice 2021-21, in which they provide a list
A Roth IRA is a retirement savings vehicle that can be established by individual taxpayers. The Roth IRA bears many similarities to the traditional IRA as well as some distinct
The IRS issued Notice 2020-50, in which they expanded the definition of a Qualified Individual, for Coronavirus-Related Distribution purposes. A qualified individual is one who
An individual who takes a distribution from a retirement account may rollover eligible amounts to the same or another retirement account. As long as the