I can NOT wear a white blazer b/c it get’s stained, either from eating, or from standeing in the subway’s and peeople rub up against me with their dirty clothes or worse, with food. I had a white blazer that some woman splattered MUSTARD on. I think she did NOT like me b/c she was stareing at me for 2 stops on the METRO (in DC). FOOEY on her! FOOEY!
Sam want’s me to go to the Hamton’s this weekend with him, but I have NOT worked out enough with Myrna, so I said not yet. Mabye by Labor Day my tuchus will be respecteable enough for him to see it, but NOT before. Myrna is litearally workeing my tuchus off. She made me walk to a STREET FAIR Saturday on 6th Avenue and BACK, and we then had to walk up to Karl Schruz Park and sit. FOOEY! I was VERY tired on Saturday, so ONLEY read the NY Times on Sunday. I think I will have to start doieng the puzzel like Dad does, b/c Sam does it and I want to be at least as smart as him, if he is to MARRY me, he must think I also know alot about thing’s.
Frank keeps stareing over at me today. I wonder if it is b/c I am wearing a sheer/white blouse? I hope NOT, b/c he is MARRIED and should be thinkeing of his wife, not me and my body. FOOEY on him if he is thinkeing dirty thoughts. My body is for me and my husband onley! Mabye that will be SAM. YAY!!!!!
-----
Yay! I know the answer! This came from the IRS, so it must be right! Who needs a drunk boyfriend when I have the INTERNET! YAY!!
What if You Inherit an IRA?
If you inherit a traditional IRA, you are called a beneficiary. A beneficiary can be any person or entity the owner chooses to receive the benefits of the IRA after he or she dies. Beneficiaries of a traditional IRA must include in their gross income any taxable distributions they receive.
Inherited from spouse. If you inherit a traditional IRA from your spouse, you generally have the following three choices. You can:
Inherited from spouse. If you inherit a traditional IRA from your spouse, you generally have the following three choices. You can:
Treat it as your own IRA by designating yourself as the account owner.
Treat it as your own by rolling it over into your IRA, or to the extent it is taxable, into a:
Qualified employer plan,
Qualified employee annuity plan (section 403(a) plan),
Tax-sheltered annuity plan (section 403(b) plan),
Deferred compensation plan of a state or local government (section 457 plan), or
Treat yourself as the beneficiary rather than treating the IRA as your own.
Treating it as your own. You will be considered to have chosen to treat the IRA as your own if:
Contributions (including rollover contributions) are made to the inherited IRA, or
You do not take the required minimum distribution for a year as a beneficiary of the IRA.
You will only be considered to have chosen to treat the IRA as your own if:
You are the sole beneficiary of the IRA, and
You have an unlimited right to withdraw amounts from it.
However, if you receive a distribution from your deceased spouse’s IRA, you can roll that distribution over into your own IRA within the 60-day time limit, as long as the distribution is not a required distribution, even if you are not the sole beneficiary of your deceased spouse’s IRA. For more information, see When Must You Withdraw Assets? (Required Minimum Distributions) , later.
Inherited from someone other than spouse. If you inherit a traditional IRA from anyone other than your deceased spouse, you cannot treat the inherited IRA as your own. This means that you cannot make any contributions to the IRA. It also means you cannot roll over any amounts into or out of the inherited IRA. However, you can make a trustee-to-trustee transfer as long as the IRA into which amounts are being moved is set up and maintained in the name of the deceased IRA owner for the benefit of you as beneficiary.
Like the original owner, you generally will not owe tax on the assets in the IRA until you receive distributions from it. You must begin receiving distributions from the IRA under the rules for distributions that apply to beneficiaries.
IRA with basis. If you inherit a traditional IRA from a person who had a basis in the IRA because of nondeductible contributions, that basis remains with the IRA. Unless you are the decedent’s spouse and choose to treat the IRA as your own, you cannot combine this basis with any basis you have in your own traditional IRA(s) or any basis in traditional IRA(s) you inherited from other decedents. If you take distributions from both an inherited IRA and your IRA, and each has basis, you must complete separate Forms 8606 to determine the taxable and nontaxable portions of those distributions.
Federal estate tax deduction. A beneficiary may be able to claim a deduction for estate tax resulting from certain distributions from a traditional IRA. The beneficiary can deduct the estate tax paid on any part of a distribution that is income in respect of a decedent. He or she can take the deduction for the tax year the income is reported. For information on claiming this deduction, see Estate Tax Deduction under Other Tax Information in Publication 559, Survivors, Executors, and Administrators.
Any taxable part of a distribution that is not income in respect of a decedent is a payment the beneficiary must include in income. However, the beneficiary cannot take any estate tax deduction for this part.
A surviving spouse can roll over the distribution to another traditional IRA and avoid including it in income for the year received.
Blonde Lawyer :
A helpful post from Ellen. Amazing!- Almost verbatim from
http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics—Beneficiaryprops to the Ellen who found this though! Very helpful!
