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Only the most recent IRA beneficiary designations determine who inherits the account’s assets and how they are distributed, according to three IRS private letter rulings. Tax deferral and distribution options for IRA beneficiaries also vary based on their life expectancy, the timing of the IRA owner’s passing, and more.
Excess IRA contributions often go undetected, resulting in significant excise and income taxes for clients. An audit of IRS Form 5498 can help you identify a client’s excess contributions in time, so you can make necessary corrections by the applicable deadline and avert possible penalties.
Are you prepared to assist your clients with IRAs in a community property state? Rules differ throughout the country, making it important that you are aware which clients may be affected and how the laws may impact their IRAs.
Compared to a non-designated beneficiary, a trust named as an IRA designated beneficiary has a longer tax-deferral period and more flexibility in its tax and estate planning options. But special rules apply for how those IRA assets are distributed to the trust’s beneficiaries, including charities.
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