Inherited IRAs, Death of a Taxpayer, Estate and Gift Taxes

Inherited IRAs, Death of a Taxpayer, Estate and Gift Taxes

Posted by
| Comments Off on Inherited IRAs, Death of a Taxpayer, Estate and Gift Taxes

WMBO CPA Group Logo

 

Individual Retirement Accounts - nherited IRAs

Individual Retirement Accounts – Inherited IRAs

Taxpayers generally must begin withdrawing money from their IRAs or retirement accounts upon reaching age 70 1/2.  The Required Minimum Distributions (RMD) is the minimum amount that must be withdrawn each year.  Find out more about how this is calculated as well as other rules specific to Inherited IRAs by clicking on “Download Article” button.

Download Article

 

 

 

Death of a Taxpayer

Death of a Taxpayer

When a taxpayer dies, there are certain returns that still need to be filed, a responsibility that falls onto the personal representative.  Learn More by clicking on the “Download Article” button below.

Download Article

 

 

 

Estate Tax

Estate Tax Form – 706

At death, all property of the decedent is included in teh gross estate for estate tax purposes.  Taxable gifts made after 1976 are added to the total.  The estate is allowed some specific deductions.  Learn More by clicking on the “Download Article” button below.

Download Article

 

 

 

Gift Tax for Tax Year 2017

There is no dollar limit on the amount that one person is allowed to give another.  Gift Tax rules do not prohibit a donor from making gifts in excess of the annual exclusion ($14,000 for 2017).  However, if more than the annual exclusion is given to any one recipient, the amount over the annual exclusion is considered a “Taxable Gift”.  Learn more by clicking on the “Download Article” button below.

Download Article

 

Pin It on Pinterest

Share This