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Bill
Bill, Enrolled Agent
Category: Tax
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Experience:  EA, CEBS - 34 years experience providing financial advice
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if you inherited a 401k in 2006 as a non-spouse beneficiary

Resolved Question:

if you inherited a 401k in 2006 as a non-spouse beneficiary can you do a direct transfer to an inherited IRA in 2010?
Submitted: 4 years ago.
Category: Tax
Expert:  Bill replied 4 years ago.
Did the non-spouse beneficiary elect to take distributions from the 401(k) in 2006 over a 5 year period, over life expectancy, or over another payout period?
Customer: replied 4 years ago.

 

Bill, she was taking the RMDs each year as her mother was over 70 1/2.

Expert:  Bill replied 4 years ago.

If the nonspouse beneficiary has been taking RMDs from the 401(k) based on her single life expectancy, then she should be able to rollover the remaining assets in the 401(k) to an inherited IRA now since the distribution would occur this year even though the decedent died in 2006. She would continue taking distributions from the inherited IRA based on her remaining single life expectancy factor (which would be the factor in the year following the decedent's death reduced by 1 for each year from the initial RMD year). For example, if the decedent died in 2006, and the nonspouse's single life expectancy in 2007 was 33.1 years, then the factor this year would be 30.1.

 

See pages 6 and 7 - http://www.irs.gov/pub/irs-tege/rne_fall09.pdf

 

http://hr.cch.com/news/pension/010510a.asp

 

See questions #11 - 18 - http://www.irs.gov/pub/irs-drop/n-07-07.pdf

 

http://www.irs.gov/pub/irs-tege/se_021307.pdf

 



Edited by Bill on 6/3/2010 at 3:33 PM EST
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3078
Experience: EA, CEBS - 34 years experience providing financial advice
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