inherited IRA and GST
Does the trustee of an inherited IRA have any responsibility for investigating whether distributions made from the IRA are subject to the GST?
Does it matter whether the beneficiary is a trust? a grandchild? if the IRA is held as an IRT?
Permalink Submitted by Bruce Steiner on Thu, 2015-12-17 03:45
The IRT was one of the subway lines: https://en.wikipedia.org/wiki/Interborough_Rapid_Transit_Company. What does it have to do with an IRA?If an IRA is payable to a trust, the trustee has to know the GST status so he/she can file any applicable GST tax returns and pay any applicable GST taxes.