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Aim to disclaim IRA benefits

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in Small Business Tax

By disclaiming an inherited IRA, you can pass the account along to someone else, free of gift tax. A new IRS ruling says you can still disclaim an IRA after you've received the decedent's required minimum distribution (RMD) for the year (provided you haven't withdrawn anything else from the account). But the RMD counts in your taxable income. (IRS Revenue Ruling 2005-36) Note: Disclaimers must be made within nine months of death.

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