July 17, 2012

Estate Beneficiary of IRA: IRS Allows Transfers to Inherited IRAs for Beneficiaries of Estate

In private letter ruling (PLR) 201208039, the estate of the deceased IRA owner was the named beneficiary of the IRA. However, the IRS ruled that the beneficiaries of the estate were allowed to transfer the Inherited IRA balance to their ‘Inherited IRAs’.Click here to read about it


Written By

Retirement Dictionary Staff

Frequently Asked Questions Regarding

72(t) payments – also referred to as Substantially Equal Periodic Payments (SEPP) can be taken from IRAs, qualified plans-including 401(k) plans, and 403(b) accounts. However, while 72(t) payments can be taken from IRAs at any time, they can be taken from qualified plans and 403(b) accounts only after the participant has separated from service with the employer that sponsored the plan. Therefore, if you are still employed by the company that sponsored your 401(k) plan, you cannot take 72(t) payments from that account.  But, if you are no longer employed by that company, then you may be able to take 72(t) payments from the account.

Please contact our office to help you determine if a 72(t) payment program is suitable for you.

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