Beneficiary Distributions Flashcards
Stanley’s date of death was February 7, 2023. His three children,Vince, age 58, Carla, age 55, and Jennifer, age 53, are his primary beneficiaries.
Vince withdrew his entire share on July 23, 2023. Carla passed away on March 2, 2024. Jennifer’s portion of the IRA balance on October 1, 2024, is $17,291. When is the determination date?
9/30/2024
Stanley’s date of death was February 7, 2023. His three children,Vince, age 58, Carla, age 55, and Jennifer, age 53, are his primary beneficiaries.
Vince withdrew his entire share on July 23, 2023. Carla passed away on March 2, 2024. Jennifer’s portion of the IRA balance on October 1, 2024, is $17,291. Who is considered a designated beneficiary as of the determination date?
Carla and Jennifer
Henrietta was born on September 4, 1978, and died on January 10,2024. Her IRA beneficiaries include her husband, George, and her three children, Victoria, Charles, and James. All beneficiaries have a balance in Henrietta’s IRA on the determination date. Their birthdates are as follows.
George’s date of birth is April 8, 1977.
Victoria’s date of birth is November 29, 2011.
Charles’ date of birth is October 27, 2013.
James’ date of birth is July 22, 2015.
What is the deadline to establish separate accounting?
December 31, 2025
Henrietta was born on September 4, 1978, and died on January 10,2024. Her IRA beneficiaries include her husband, George, and herthree children, Victoria, Charles, and James. All beneficiaries havea balance in Henrietta’s IRA on the determination date. Their birthdates are as follows.
George’s date of birth is April 8, 1977.
Victoria’s date of birth is November 29, 2011.
Charles’ date of birth is October 27, 2013.
James’ date of birth is July 22, 2015.
If separate accounting is established by the deadline, whose life expectancy would be used to calculate life expectancy payments?
Each beneficiary would have payments calculated on their own life expectancy
Doris, an IRA owner, died on April 10, 2024. She was born September 17, 1959. Her beneficiary is her husband, Leonard, born October 6, 1957, who has always been the IRA beneficiary. If Leonard chooses to take life expectancy payments as beneficiary of Doris’ IRA, by when does he have to take his first life expectancy payment?
December 31, 2031
Doris, an IRA owner, died on April 10, 2024. She was born September 17, 1959. Her beneficiary is her husband, Leonard, born October 6, 1957, who has always been the IRA beneficiary. What life expectancy factor should be used in the first year of payment for Leonard, assuming he delays life expectancy payments to the year of the deadline?
15.6
Doris, an IRA owner, died on April 10, 2024. She was born September 17, 1959. Her beneficiary is her husband, Leonard, born October 6, 1957, who has always been the IRA beneficiary. Using the life expectancy from the previous question and using a prior-year 12/31 balance of $179,250, what is the life-expectancy payment amount for Leonard in year one?
11,490.38
Doris, an IRA owner, died on April 10, 2024. She was born September 17, 1959. Her beneficiary is her husband, Leonard, born October 6, 1957, who has always been the IRA beneficiary. What life expectancy factor should be used in the second year of payment for Leonard, assuming he delays life expectancy payments to the year of the deadline?
14.8
Doris, an IRA owner, died on April 10, 2024. She was born September 17, 1959. Her beneficiary is her husband, Leonard, born October 6, 1957, who has always been the IRA beneficiary. Using the life expectancy from the previous question and using a prior-year 12/31 balance of $167,500, what is the life expectancy payment amount for Leonard in year two?
11,317.57
Doris, an IRA owner, died on April 10, 2024. She was born September 17, 1959. Her beneficiary is her husband, Leonard, born October 6, 1957, who has always been the IRA beneficiary. What life expectancy factor should be used in the third year of payment for Leonard, assuming he delays life expectancy payments to the year of the deadline?
14.1
Doris, an IRA owner, died on April 10, 2024. She was born September 17, 1959. Her beneficiary is her husband, Leonard, born October 6, 1957, who has always been the IRA beneficiary. Using the life expectancy from the previous question and using a prior-year 12/31 balance of $155,750, what is the life expectancy payment amount for Leonard in year three?
11,046.10
Jason, an IRA owner, died on June 4, 2024. He was born in 1946.His beneficiary is his spouse, Matilda, born May 12, 1951, who has always been the IRA beneficiary. Assuming Matilda elects life expectancy payments, what distribution period is used in 2025?
15.6
Jason, an IRA owner, died on June 4, 2024. He was born in 1946.His beneficiary is his spouse, Matilda, born May 12, 1951, who has always been the IRA beneficiary. Assuming Matilda elects life expectancy payments, what distribution period is used in 2026?
14.8
Jason, an IRA owner, died on June 4, 2024. He was born in 1946.His beneficiary is his spouse, Matilda, born May 12, 1951, who has always been the IRA beneficiary. Assuming Matilda elects life expectancy payments, what distribution period is used in 2027?
14.1
Jason, an IRA owner, died on June 4, 2024. He was born in 1946.His beneficiary is his spouse, Matilda, born May 12, 1951, who has always been the IRA beneficiary. Assuming Matilda elects life expectancy payments, what distribution period is used in 2028?
13.3
