Inherited IRA Beneficiaries Separately Responsible for Taxes on Separate Shares
Jun 3, 2019
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By Denise Appleby, APA, CISP, CRC, CRPS, CRSP
A new PLR confirms: When multiple beneficiaries inherit an IRA, each beneficiary is independently responsible for any income taxes and/or penalties assessed on their share of the inheritance. Proper accounting must be done to ensure accurate accountability of individual responsibility.