Form for distributing IRA proceeds without tax consequences?
Is there a form for the distribution of an IRA on the demise of the owner that would minimise or eliminate taxes?
Re: Form for distributing IRA proceeds without tax consequences?
I would strongly advise that you speak to an attorney or an accountant regarding your question. Once an election is made to distribute an IRA, there is no changing it.
Unfortunately, many times people are ill-advised on how to take a distribution by well-meaning customer service reps at banks or brokerage firms.
There is likely no way to receive an IRA distribution from a decedent's account without tax consequences; however, there are ways to roll-over the account to a surviving spouse, or to "stretch" the distribution to other beneficiaries, thus minimizing the tax impact.
Seek advice on this matter from someone who can review your individual situation. It will be well-worth the time and money.
Good luck to you.
