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I am 1 of 2 people named as a primary beneficiary on my

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deceased grandmothers IRA. She passed...
I am 1 of 2 people named as a primary beneficiary on my deceased grandmothers IRA. She passed away in February 2013. I live in California. How do I recover a non spouse IRA without all the paperwork of my deceased grandmother?
Submitted: 2 years ago.Category: Finance
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Answered in 11 hours by:
9/25/2015
Financial Professional: Lev, Tax Preparer replied 2 years ago
Lev
Lev, Tax Preparer
Category: Finance
Satisfied Customers: 30,703
Experience: Personal Investment, Tax Preparation
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If you are named a primary beneficiary on the IRA account - you simply may contact the administrator of that IRS and request a distribution according to your grandmother direction.

You will be asked to provide a death certificate.

There are several options...
You may request a full distribution OR

you may open so-called inherited IRA account and start periodic distribution over the lifetime OR

you may take full distribution within 5-year period.
Please be aware that distribution will be reported as your taxable income - but it will NOT be subject of penalty regardless of your age.

You will receive a reporting form 1099R that will be used with your tax return preparation.

As a resident of California - the distribution will be taxed on the state level.

.

Medallion signature guarantees are required to transfer or sell securities in physical certificate form. Most likely - securities are held in IRA account are NOT in the form of a physical certificate - and that form is not required.
I suggest to contact the administrator of that IRA and verify if that form is still required and inform them that you were asked about the value of the account.

Because the physical certificates are rare nowadays - some banks may no longer provide this service. Some that do provide - may have different requirements for documentation necessary to proceed. Thus the law doesn't require to have the account value - but if the bank requires that - you may simply use estimated value.

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    Financial Professional: Lev, Tax Preparer replied 2 years ago

    Medallion signature guarantees are required to transfer or sell securities in physical certificate form. Most likely - securities are held in IRA account are NOT in the form of a physical certificate - and that form is not required.
    I suggest to contact the administrator of that IRA and verify if that form is still required and inform them that you were asked about the value of the account.

    Because the physical certificates are rare nowadays - some banks may no longer provide this service. Some that do provide - may have different requirements for documentation necessary to proceed. Thus the law doesn't require to have the account value - but if the bank requires that - you may simply use estimated value.

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    Customer reply replied 2 years ago
    Is there a difference between a medallion guarantee and a signature guarantee stamp? Is a signature guarantee stamp easier to get than a medallion guarantee?
    Financial Professional: Lev, Tax Preparer replied 2 years ago

    a "signature guarantee" is an acknowledgment provided by the notary that the signature is authentic.

    A medallion signature guarantee is a SPECIAL signature guarantee that the financial institution accepts liability for any forgery and limits the liability of the transfer agent who accepts the certificates.

    But again - each bank has own rules and some might not provide such service.

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