My questions are both financial and tax
I have a client coming in shortly who needs help filling out paperwork fora distribution. She is saying that it is from her child's deceased father. She is the beneficiary, but I don't beleive they were ever married. so:
1. It has been about 10 years since his death. Is there anything special I have to do where she didn't take any distributions from this within the 5 year limit
2. Will she still have to open up a "inherited IRA" before any distributions are made?
3. If she was married to him, which I doublt, but is divorced is she considered a non-spouse beneficiary where she should have taken the distribution already.
4. She is calling this an IRA, but I am wondering if it wasn't a 401K. How does that change her distribution, etc?
Thanks for your help. Sorry to be vague, but I am waiting for her to come in and want some bakcground before she gets here.