Splitting An Inherited IRA Before Year-End Can Improve Tax Results For Each Beneficiary

December 31, 2017 is an important deadline for individuals who inherited an IRA from an IRA owner who died in 2016. Where there are multiple beneficiaries for the IRA, splitting up the account into several accounts no later than the end of this year can yield important tax and other benefits for each beneficiary. Background

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Increases For 2018 Estate And Gift Tax

Increases for the estate and gift tax area for 2018 are as follows: Unified estate and gift tax exclusion amount. For gifts made and estates of decedents dying in 2018, the exclusion amount will be $5,600,000 (up from $5,490,000 for gifts made and estates of decedents dying in 2017). Generation-skipping transfer (GST) tax exemption. The

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Gift Tax Returns

In a recent Legal Advice Issued by IRS Field attorneys, the period of limitations on assessing gift tax remained open for the years the donor failed to file any Forms 709, United States Gift (and Generation-Skipping Transfer) Tax Return. IRS also found that, for another year, the period of limitations remained open because the Form

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