Posts Tagged ‘IRA’

IRA minimum distributions in the year of the owner’s death

Wednesday, July 25th, 2012

When an IRA owner dies after required distributions have begun, there is often a required minimum distribution for that year that hasn’t been paid yet. Any required minimum distribution that wasn’t paid to the owner must be paid to the beneficiary. Seymour Goldberg, CPA, discusses how beneficiaries are often unaware of this requirement and are unaware that the distribution cannot be rolled over. He cautions that practitioners need to help clients take timely corrective action to minimize the tax impact.

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