Required Minimum Distribution Archives - John R. Dundon II, Enrolled Agent
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Required Minimum Distribution Tag

22 Jun

Posted at 00:00h in IRA, Retirement, Tax Records, Taxable Income

Taxpayers who inherit IRAs also inherit the decedent’s basis or amount invested in those IRAs, regardless of the relationship between the beneficiary and the decedent. Ideally, the decedent will have filed IRS Form 8606 (Nondeductible IRAs), showing the amount of basis in the IRA. Any remaining basis in the IRA shown...

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