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#1
06-21-2007, 09:44 PM
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 Re: Inherited IRA mandatory distribution? its9 wrote: - quote - > I've tried to read the IRS instructions but I find it
Instructions can be confusing, esp when they don't address> somewhat confusing. I would appreciate an informed answer. > Husband and Wife, both over 75, had already taken their > required IRA distribution for 2007. > Husband recently passed away. Wife will be the sole > beneficiary of husband's IRA. > When the wife converts his IRA to her ownership, is there > any further distribution that is required for 2007? > Or is she just required to take a regular distribution in > 2008 based on the sum of the value of all her IRA (his now > added to hers)on 12/31/2007? specifically the question. But in this case, if RMD's are already made for 2007, there's nothing widow needs to do this year. And yes, next year her RMD is based on values of all her IRA's as of 12/31/2007. ChEAr$, Harlan Lunsford, EA n LA << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- > |
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06-20-2007, 01:30 AM
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| Re: Inherited IRA mandatory distribution? its9 wrote: - quote - > I've tried to read the IRS instructions but I find it
Yes to your last sentence. No further RMD is needed since it> somewhat confusing. I would appreciate an informed answer. > Husband and Wife, both over 75, had already taken their > required IRA distribution for 2007. > Husband recently passed away. Wife will be the sole > beneficiary of husband's IRA. > When the wife converts his IRA to her ownership, is there > any further distribution that is required for 2007? > Or is she just required to take a regular distribution in > 2008 based on the sum of the value of all her IRA (his now > added to hers)on 12/31/2007? was taken already. She now treats the total account as her own. << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
06-18-2007, 01:27 PM
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| Inherited IRA mandatory distribution? I've tried to read the IRS instructions but I find it somewhat confusing. I would appreciate an informed answer. Husband and Wife, both over 75, had already taken their required IRA distribution for 2007. Husband recently passed away. Wife will be the sole beneficiary of husband's IRA. When the wife converts his IRA to her ownership, is there any further distribution that is required for 2007? Or is she just required to take a regular distribution in 2008 based on the sum of the value of all her IRA (his now added to hers)on 12/31/2007? TIA << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- > |
| Tags |
| distribution, inherited, ira, mandatory |
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