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The SECURE Act has upended the rules for inherited IRAs. One area the new law completely changes is the rules for successor beneficiaries. Here is what you need to know: Who are successor beneficiaries? The successor beneficiary is the beneficiary of the original beneficiary. IRA owners should always name a beneficiary on their IRA. The beneficiary form controls who gets the funds after the death of the IRA owner. This is because IRAs are not usually probate assets where the will determines who gets the money.

Hi – a client came to me who has both an employer plan (Thrift Savings) and an IRA. He has...

I’ve read several blogs, as well as posts here, stating that if an IRA is left to a Special Needs...

Publication 590-B (Not updated for 2019 – this is from pub used for preparing 2018 tax returns) Distributions from Individual...

Read Ed’s piece today about contributions to traditional IRA’s after 70.5 Just want to confirm if the IRS combines the...

Question: According to the IRS website: Beginning in 2015, you can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own (Announcement 2014-15 and Announcement 2014-32). The limit will apply by aggregating all of an individual’s IRAs. Trustee-to-trustee transfers between IRAs are not limited. Rollovers from traditional to Roth IRAs ("conversions") are not limited. If I am reading this correctly, we can "roll over" (hand carry checks) for multiple IRA accounts, as long as we are rolling over funds to a Roth IRA. Is that correct? Thank you, Shirley Answer: Hi Shirley, The once-per-year rollover rule causes a lot of confusion. You can only do one 60-day rollover between IRAs of the same type in a 365-day period. This rule applies to your traditional and Roth IRAs in the aggregate.

If someone terminated employment 3/19, at age 72, are they required to take an RMD from their 403(b) account after...

As we gradually peel back the layers of this legislative onion called the SECURE Act, more and more discoveries come to light. One revelation is how qualified charitable distributions (QCDs) are potentially affected. Could a QCD become, effectively, a taxable distribution? A looming cloud could soon peer over the shoulders of otherwise generous and giving individuals. As a reminder, QCDs can be done by IRA owners (and inherited IRA owners) who are age 70½ or older. (The SECURE Act raised the age of RMDs to 72. However, the Act did not increase the age for QCDs - 70½ is the status quo.) IRA assets are transferred directly from an IRA to an eligible charity, and the dollar amount of the QCD is excluded from the account owner’s taxable income up to a maximum of $100,000 annually.

Here’s the situation. IRA owner (age 90) died 11/30/2019 leaving her IRA to her children in equal shares, per stirpes....

Per this: https://irahelp.com/slottreport/2020-life-tables-and-rmds-todays-slott-report-mailbag, an RMD is the first distribution out of an IRA account but funds after that are not...