IRA rolled over through trust not taxable.* Generally, if both spouses are living, a husband cannot roll over his IRA Ira, in the Bible Ira (ī`rə), in the Bible. 1 Chief officer of David. 2, 3 Two of David's guard. IRA, abbreviation IRA. into his wife's and vice versa. However, upon the death of the first spouse, the surviving spouse can roll over the decedent's IRA tax-free unless it passes through a trust. In letter ruling 200011062, the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. said a surviving spouse could roll over her husband's IRA even though she took the proceeds through a trust as long as the surviving spouse was the sole trustee and beneficiary of the trust and had the power to invade the trust corpus. Under the ruling, the surviving spouse is treated as having received the proceeds directly from the decedent (not from the trust), and the rollover is tax-free. --Michael Lynch, CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. , Esq., professor of tax accounting at Bryant College, Smithfield, Rhode Island Smithfield is a town in Providence County, Rhode Island, United States. It includes the historic villages of Esmond, Georgiaville, Mountaindale, Hanton City and Greenville. The population was 20,613 at the 2000 census. . |
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