Sentences with phrase «original owner of the accounts»

First — and this is important — if the original owner of the account did not make a required minimum distribution in the year that he or she died, you must make the distribution yourself.

The biggest difference between an authorized user and a joint account owner is that the original owner of the account is the only person responsible for repaying the debt.

Not exact matches

Roth IRAs have several benefits, including the potential for tax - free withdrawals, * and no required minimum distributions during the lifetime of the original account owner.

For example, if the original account owner purchased an annuity for $ 100,000 and then passed away when the value was worth $ 150,000, the gain of $ 50,000 is taxed as ordinary income to the beneficiary.

Some of the RMD wrinkles to which Weckbach refers pertain to inherited IRAs — retirement accounts that pass into the hands of a beneficiary following the death of the original account owner.

For example, if the original account owner purchased an annuity for $ 100,000 and then passed away when the value was worth $ 150,000, the gain of $ 50,000 is taxed as ordinary income to the beneficiary.

FROM, «A Trust Inherits the IRA», JULY 2017» A new inherited IRA account will need to be opened in the name of the original account owner for the benefit of the trust.

Not only does this oversight keep the child from spending the money on something other than college, it allows the account owner to transfer the money to another beneficiary (e.g., a family member of the original beneficiary) for any reason.

However, if the Account Owner purchases Class C Units of an Investment Portfolio (other than the Principal Plus Portfolio) and later exchanges those Units for Class C Units of the Principal Plus Interest Portfolio, and then subsequently redeems the Units of the Principal Plus Interest Portfolio within 6 months of the original purchase, a CDSC will apply.

Important note: One of the advantages of Roth IRAs is that the original owner is never required to withdraw money from the accounts.

The account owner may change the beneficiary at any time without adverse tax consequences, provided the new beneficiary is a family member of the original beneficiary.

Beneficiaries of all IRAs and employer plans generally must start taking RMDs in the year after the original account owner's death.

The account owner can maintain control of the account until funds are withdrawn — and, if desired, can even change the beneficiary as long as he or she is within the immediate family of the original beneficiary.

Roth IRAs have several benefits, including the potential for tax - free withdrawals, * and no required minimum distributions during the lifetime of the original account owner.

For example, if the original account owner purchased an annuity for $ 100,000 and then passed away when the value was worth $ 150,000, the gain of $ 50,000 is taxed as ordinary income to the beneficiary.