• Revenue Cycle Management
  • COVID-19
  • Reimbursement
  • Diabetes Awareness Month
  • Risk Management
  • Patient Retention
  • Staffing
  • Medical Economics® 100th Anniversary
  • Coding and documentation
  • Business of Endocrinology
  • Telehealth
  • Physicians Financial News
  • Cybersecurity
  • Cardiovascular Clinical Consult
  • Locum Tenens, brought to you by LocumLife®
  • Weight Management
  • Business of Women's Health
  • Practice Efficiency
  • Finance and Wealth
  • EHRs
  • Remote Patient Monitoring
  • Sponsored Webinars
  • Medical Technology
  • Billing and collections
  • Acute Pain Management
  • Exclusive Content
  • Value-based Care
  • Business of Pediatrics
  • Concierge Medicine 2.0 by Castle Connolly Private Health Partners
  • Practice Growth
  • Concierge Medicine
  • Business of Cardiology
  • Implementing the Topcon Ocular Telehealth Platform
  • Malpractice
  • Influenza
  • Sexual Health
  • Chronic Conditions
  • Technology
  • Legal and Policy
  • Money
  • Opinion
  • Vaccines
  • Practice Management
  • Patient Relations
  • Careers

Taxes: Relief for non-spouse IRA beneficiaries

Article

Beginning this year, if you inherit an IRA or qualified plan from someone other than your spouse you'll be allowed to roll those monies into an IRA in your own name.

Beginning this year, if you inherit an IRA or qualified plan from someone other than your spouse you'll be allowed to roll those monies into an IRA in your own name, according to Tax Facts News. Prior to 2008, most employer-sponsored plans required non-spouse beneficiaries to take the money in the account as a lump-sum distribution, which often triggered a huge tax bill. This good news aside, some rules regarding non-spouse rollovers remain unchanged from 2007: A trust may be the beneficiary of a direct rollover to an IRA; the rollover may exclude any required minimum distributions due from the plan for that year; and the recipient's IRA must identify the deceased and the beneficiary (for example, "Pete Thompson as beneficiary of Robert Thompson").

Related Videos
Mike Bannon - ©CSG Partners
Jolie Apicella, JD
David Zetter gives expert advice
David Zetter gives expert advice