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Financial Planning / Tax Strategies
|Subject: Pub 590 Beneficiary Question||Date: 6/13/2013 8:10 PM|
|Author: op456op||Number: 118677 of 121095|
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?
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