Inherited IRAs: What Every Practitioner Must Know

Inherited IRAs: What Every Practitioner Must Know

by Seymour Goldberg

NOOK Book2015 Edition (eBook - 2015 Edition)

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Product Details

ISBN-13: 9781634250030
Publisher: American Bar Association
Publication date: 11/07/2015
Sold by: Barnes & Noble
Format: NOOK Book
Pages: 173
File size: 595 KB

About the Author

Seymour Goldberg, CPA, MBA, JD, is a senior partner in the law firm of Goldberg&Goldberg, P.C., Woodbury, New York, and is Professor Emeritus of Law and Taxation at Long Island University. As an instructor for the Foundation For Accounting Education and the American Institute of Certified Public Accountants, Mr. Goldberg has taught many CPE courses on taxation and pension planning at the state and national level and has taught CLE courses for the New York State Bar Association, local bar associations, and law schools.

Table of Contents

Overview 1

Common Errors in Retirement Distribution Planning 2

Why Many Beneficiary Forms Are Defective 5

Who Should Pay Your Estate Tax on Your Retirement Accounts 10

Sample Beneficiary Forms 11

Practical Points 16

How the Inherited IRA Rules Work for a Nonspouse Beneficiary 20

Key Provisions of the Pension Protection Act of 2006 25

Roth IRA Conversions 30

Death of IRA Owner before or after His or Her Required Beginning Date 32

How the Inherited IRA Rules Work with Multiple Nonspouse Beneficiaries 56

How the Spousal IRA Rules Work 69

Trust as Beneficiary of Retirement Assets and the IRS Documentation Rules 100

Letter Ruling 9820021 (February 18, 1998) 104

Advantages and Disadvantages of Trusts as IRA Beneficiary 112

Excess IRA Contributions 115

Income in Respect of a Decedent 121

Revenue Ruling 92-47, 1992-1 CB 198 123

Letter Ruling 200316008 (December 31, 2002) 125

IRD and the Tax Court 128

IRD and Practitioner Tips 130

IRA and Retirement Plan Protection in Bankruptcy 132

Bankruptcy Protection for Beneficiary of an IRA Trust or a Retirement Distribution Trust 136

Inherited Roth IRAs 138

Statute of Limitations 139

Appendix A 141

Appendix B 145

Index 193

About the Author 201

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