Albuquerque Journal (Albuquerque, NM)

IRA beneficiaries and estate-tax provisions.

Byline: Your Taxes PATRICA ELLIOTT For the Journal

Q. Your examples and explanations of tax questions in Business Outlook are standards that should be adopted by the IRS in their Publication 590 (Individual Retirement Arrangements).

Publication 590 is written in such a manner as to drive one "up the wall." Can you tell me how to interpret Publication 590 under the following scenario:

My wife was born in November, 1929, and I was born in August 1930. Her IRA totaled $15,000 as of December 2000. My IRA as of December was $75,000. She is listed on my IRA as my designated beneficiary, and I am listed on her IRA as designated beneficiary.

We intend to withdraw the required minimum distribution (RMD) from her IRA using the joint-term certain method. However, I intend to use the joint recalculate method when I reach 70 1/2 in February. …

Log in to your account to read this article – and millions more.