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Deceased's IRA with no designated beneficiary

Greta
Level 9

It must therefore go into estate.  Executor can distribute it all to beneficiary as ordinary income, in order to avoid high estate tax rates, also pay executor fee, & accountant fee before year is finished. Is this correct? Anything else to save on taxes?

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Accepted Solutions
sjrcpa
Level 15

All of that is correct. 

The more I know, the more I don't know.

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2 Comments 2
sjrcpa
Level 15

All of that is correct. 

The more I know, the more I don't know.
BobKamman
Level 15

Before fiscal year is finished.  If death was after 2/1/21, consider a January fiscal year so K-1 income is pushed into 2022, if that helps beneficiaries.