Two Part Question
What is the age limit for a new Traditional IRA contribution, if any ??
And also, if someone is the holder of a ‘Beneficiary IRA’ account (currently registered that way) – Does that party have the capabilty of taking a distribution from that account and rolling into another ‘Beneficiary IRA’ with the same registration with 60 days ?
Permalink Submitted by Alan Spross on Thu, 2009-05-21 20:10
1.) The last year is the year prior to the year you will reach age 70.5. (Pub 590, end of p. 7)
2.) No. But a spousal beneficiary can take a distribution and roll it over to their OWN IRA within 60 days. A non spouse beneficiary is not eligible to roll over any funds, and can only move them to another custodian by a direct trustee transfer. (Pub 590, p. 20)
Permalink Submitted by Gregg Guiol on Thu, 2009-05-21 20:42
Alan –
As always your response is very much appreciated !!!
Gregg Guiol