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