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Inheriting an IRA? Keep an eye on proposed time limit

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in Small Business Tax

A new revenue-raising proposal on Capitol Hill bears watching. It would require emptying out many inherited IRAs within five years under a provision that Senate Democrats added to a student loan relief measure. (S. 953)

The proposal would still permit payouts over life expectancy for a surviving spouse, someone 10 years younger than the deceased IRA owner, children under age 18 and the disabled. It would apply to IRA beneficiaries of owners dying after 2013.

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