IRA owner died in 2011. IRA was inherited by 2 beneficiaries. The older bene timely created inherited IRA, began RMD's & will continue to do so.
The younger bene has done nothing and balance of IRA is still in decedents name.
So the question is:
#1. Is the older bene now subject to the 5 year rule and
#2. Assuming the younger bene does nothing before 2017, will the older bene also be subject to the excess accumulations tax.
The younger bene has done nothing and balance of IRA is still in decedents name.
So the question is:
#1. Is the older bene now subject to the 5 year rule and
#2. Assuming the younger bene does nothing before 2017, will the older bene also be subject to the excess accumulations tax.
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