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SVTPerformance's Chain of Restaurants
Road Side Pub
basic question about retirement funds and wills?
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<blockquote data-quote="ALsyr44" data-source="post: 8312410" data-attributes="member: 34305"><p>Partly true. Technically you can only roll the money into another IRA in your name if you are a spouse bene. You can move it into an inherited IRA and the account would be registered as Jon Doe IRA Dec'd for the benefit of (bene name). The bene would be able keep the money in the account and would have to take payments every year based on their life expectancy. No new money can go into the account. If the bene is under the age of 59 1/2 they can take money out and not have to pay an early withdrawal penalty, but the money would be seen as income and taxed at the bene's tax bracket.</p><p></p><p>Pub 590 is a great resource if we are talking about a traditional or ROTH IRA. We don't know what type of account it is though. Could be a Trad, ROTH, SIMPLE, SEP, or SAR-SEP IRA, 403B, 401k and so on. The account type could chagne what options you may have.</p><p></p><p>But to answer the OP's question, if you were to take a lump sum payment, you would almost certainly have to pay tax on it regardless of the account type.</p></blockquote><p></p>
[QUOTE="ALsyr44, post: 8312410, member: 34305"] Partly true. Technically you can only roll the money into another IRA in your name if you are a spouse bene. You can move it into an inherited IRA and the account would be registered as Jon Doe IRA Dec'd for the benefit of (bene name). The bene would be able keep the money in the account and would have to take payments every year based on their life expectancy. No new money can go into the account. If the bene is under the age of 59 1/2 they can take money out and not have to pay an early withdrawal penalty, but the money would be seen as income and taxed at the bene's tax bracket. Pub 590 is a great resource if we are talking about a traditional or ROTH IRA. We don't know what type of account it is though. Could be a Trad, ROTH, SIMPLE, SEP, or SAR-SEP IRA, 403B, 401k and so on. The account type could chagne what options you may have. But to answer the OP's question, if you were to take a lump sum payment, you would almost certainly have to pay tax on it regardless of the account type. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
basic question about retirement funds and wills?
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