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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



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SIMPLE 401(k) Plan

Definition A SIMPLE 401(k) plan is a 401(k) plan established by a small business for it’s employees. Earnings accrue on a tax-deferred basis and distributions

Required Minimum Distribution (RMD)

Definition The minimum amount that must be withdrawn from retirement accounts, including qualified plans, 403(b) accounts, 457(b) accounts or IRAs, each year.  For retirement account

Required beginning date (RBD)

Definition The date by which a retirement account owner must begin distributing required minimum distribution (RMD) amounts from a Traditional,  SEP or SIMPLE IRA, a

Designated Beneficiary

Definition A designated beneficiary is an individual (person) beneficiary whose is designated as beneficiary of  a qualified plan account, 403(b) account, 457(b) plan or IRA,

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