Q: We
have a client that
owns two
substantial IRA
accounts plus a
smaller
beneficiary IRA.
Does the
beneficiary IRA
have its own RMD
rules (the client
has owned it for
10 years and has
been taking RMD’s
from it based on
the old stretch
IRA rules)? Or can
the beneficiary
IRA be lumped
together with the
other IRAs for RMD
calculation
purposes? If so,
can this year’s
total RMD be
withdrawn from the
beneficiary IRA
without having to
touch the other
two IRAs?
Answer
Q: I have a
client (husband and
wife filing jointly)
with earned income.
Can they continue to
contribute to a
Traditional IRA
beyond age 73?
Answer
Q: My question
pertains to
distributions from
an Inherited IRA and
an Inherited Roth
IRA for a non-spouse
(daughter). For
example: Decedent
(father) was age 75
at the time of death
in 2020; daughter
(sole beneficiary)
was 53 last year. I
understand as long
as she begins RMDs
in 2021 from both
her Inherited
Traditional and
Inherited Roth
IRA’s, she will not
be forced to
withdraw all funds
within 5 years, but
can withdraw over 10
years? Also, which
IRS Table is used
and is it the
attained age of the
beneficiary (in this
case - 54 in 2021),
or of the decedent
if he/she were still
alive?
Answer
Q:
We have a
client who was 19
years younger than
her spouse. He
passed away this
year. We are
planning to keep
this as an inherited
IRA for now. Can we
move the assets to
her own IRA at any
time?
Answer
Q:
If
you are an
employee who
participates in a
401(k) and you are
a non-owner
employee and
retire at, for
example, age 73,
do you have to
take an RMD in the
year you retire or
can you take your
RMD by April 1 of
the year following
retirement? If you
can take your RMD
by April 1 of the
following year,
does that mean you
have to take two
RMDs in that year?
Answer
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