Generally, if the owner of an IRA dies after December 31, 2019, and before beginning required minimum distributions, a non-designated beneficiary must: Begin to take the required minimum distributions when the beneficiary turns 70½. Take the entire amount in lump-sum in the year after the year of death. Take the entire amount of the account balance within five years after the year of death. Take the entire amount of the account balance within ten years after the year of death.
Generally, if the owner of an IRA dies after December 31, 2019, and before beginning required minimum distributions, a non-designated beneficiary must: Begin to take the required minimum distributions when the beneficiary turns 70½. Take the entire amount in lump-sum in the year after the year of death. Take the entire amount of the account balance within five years after the year of death. Take the entire amount of the account balance within ten years after the year of death.
Chapter19: Deferred Compensation
Section: Chapter Questions
Problem 44P
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Question
Generally, if the owner of an IRA dies after December 31, 2019, and before beginning required minimum distributions, a non-designated beneficiary must:
Begin to take the required minimum distributions when the beneficiary turns 70½.
Take the entire amount in lump-sum in the year after the year of death.
Take the entire amount of the account balance within five years after the year of death.
Take the entire amount of the account balance within ten years after the year of death.
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