IRA Rules You MUST Know

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  • IRA Rules You MUST Know
  1. Reporting to IRS of Required Distributions IRS reporting requirements. IRS will know which IRA owners have required distributions.
  2. IRA distribution basics. 70½ rules – which age to use.
  3. Outstanding Rollovers, Transfers and Re-characterizations
  4. 5-Year Rule Confusion After Death 5-year rule only applies if IRA owner dies before the required beginning date (RBD).
  5. No Designated Beneficiary? Inherited IRA Payout is Limited to 15.3 Years
  6. Creditor Protection for Keoghs No protection if no employees.
  7. Year of Death Distribution – Who Takes It? The beneficiary takes the year of death distribution.
  8. Medicaid Treatment of Retirement Accounts Roth IRAs are generally an available resource because Roth IRA owners have no RBD.
  9. IRAs Don’t Generally Pass Through Wills They pass through IRA beneficiary forms.
  10. There are Two Different 5-Year Rules for Roth IRAs One for tax-free distributions and one for penalty-free distributions.
  11. QDRO’s do not Apply to IRAs They only apply to qualified plans. In divorce, IRAs are split according to the divorce agreement, not a QDRO. A spousal waiver does not apply to IRAs; it only applies to qualified plans.
  12. A Non-Spouse Beneficiary Cannot do a Rollover The 60-day rollover rule does not apply to non-spouse beneficiaries.
  13. The 10% Penalty Exceptions for Education and First Time Home Buyer Apply Only to Distributions From IRAs – NOT to Plans
  14. You Don’t Have to Name Your Spouse as Your IRA Beneficiary
  15. Eligible Rollover Distributions (ERDs)
  16. Tax Breaks for IRA and Plan Beneficiaries
  17. IRS Grants Relief to IRA Owners Who Failed to Complete an IRA Rollover Within the 60-Day Time Limit
  18. Inherited IRA Payout Can Be Assigned to Estate Beneficiaries…Estate Can Be Closed

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