Given Uncle Stirlings failing health, Martha has been thinking about the decisions she will need to make
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Question:
Given Uncle Stirling’s failing health, Martha has been thinking about the decisions she will need to make as the sole beneficiary of Stirling’s $1 million IRA. She is a little overwhelmed at the amount and wants to ensure she ultimately uses these funds wisely for her and Tom’s retirement. Which of the following will be an option for Martha upon Stirling’s death?
a) | If Uncle Stirling's IRA is funded with individual stocks, she may elect NUA tax treatment. |
b) | She can use a direct trustee-to-trustee transfer into an IRA and defer any minimum distributions until she is age 70½. |
c) | She can use a direct trustee-to-trustee transfer into an IRA but may not begin taking distributions without a penalty until she is age 59½. |
d) | She can use a direct trustee-to-trustee transfer into an inherited IRA but must begin to take distributions over her remaining life expectancy. |
Related Book For
Intermediate Accounting Volume 1
ISBN: 9781260306743
7th Edition
Authors: Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod Dick
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