The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Pub 590 Beneficiary Question||Date: 6/13/2013 8:10 PM|
|Author: op456op||Number: 118677 of 120441|
IRS Pub 590 states in the IRA Beneficiaries Section (pg 36):
Taking balance within 5 years. A beneficiary who is an individual may be required to take the entire account by the end of the fifth year following the year of the owner's death. If this rule applies, no distribution is required for any year before that fifth year.
I have named my son "John", an individual, as my IRAs' beneficiary.
What rule determines if John may be required to take the entire account by the end of the fifth year following the year of my death (as opposed to using Appendix C, Table I Single Life Expectancy)?
Is it the IRA Custodian's rules that would apply?
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|