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Submitted By: Arnold
Answered: November 12, 2013 8:30 am
Answered: November 12, 2013 8:30 am
My wife, age 82, died this year. Is a required minimum distribution (RMD) still necessary?
The IRS says: “For the year of the account owner’s death, use the RMD the account owner would have received. For the year following the owner’s death, the RMD will depend on the identity of the designated beneficiary.” If you are the designated beneficiary, as a surviving spouse you can choose to roll over the account to your own and figure RMDs for your own account.
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Foreign tax credit
A credit for income taxes paid to a foreign country or U.S. possession. 401(k) plan. A deferred pay plan, authorized by Section 401(k) of the Internal Revenue Code, under which a percentage of an employee’s salary is withheld and placed in a savings account or the company’s profit-sharing plan. Income accumulates on the deferred amount until withdrawn by the employee at age 59?
