Beneficiary Distribution Requirements Sample Clauses

Beneficiary Distribution Requirements. If you die before January 1, 2020, the period of time over which your Xxxx XXX balance may be distributed to your beneficiary(ies) depends on whether you had a designated beneficiary, and your relationship to the beneficiary (spouse or nonspouse). A designated beneficiary is an individual who is designated by you in writing as a beneficiary of this Xxxx XXX in a manner acceptable to the Custodian or designated as a beneficiary under the terms of the plan agreement. With the exception of certain qualified see-through trust beneficiaries, only individuals may be treated as designated beneficiaries for purposes of determining required distributions under Code Section 401(a)(9) following your death. Except as provided otherwise in applicable Treasury Regulations, for purposes of determining the applicable distribution period following your death, your designated beneficiary will be determined based on the beneficiaries designated as of your date of death who remain beneficiaries as of September 30 of the calendar year following the calendar year of your death. Generally, when you die, designated beneficiary(ies) who are individuals may elect to deplete the Xxxx XXX by the end of the fifth calendar year following your death or to receive payments based on the designated beneficiary(ies)’s life expectancy. If life expectancy payments are elected, the payments must generally begin by December 31 of the first calendar year following your death. However, if your surviving spouse is your sole designated beneficiary, they may delay the first distribution until December 31 of the year you would have attained age 70½ (if your date of birth is before July 1, 1949), age 72 (if your date of birth is after June 30, 1949 and before January 1, 1951), age 73 (if your date of birth is after December 31, 1950 and before January 1, 1960), or age 75 (if your date of birth is after December 31, 1959), if later. If your designated beneficiary is not an individual or a qualified trust, your Xxxx XXX must be distributed by the end of the fifth calendar year following your death. Generally, each beneficiary may elect the timing and manner regarding the distribution of their portion of the Xxxx XXX. Elections must generally be made by December 31 of the year following your death. If timely elections are not made, your beneficiary is required to take distributions according to the applicable default provision. The default distribution option for designated beneficiaries who are individu...
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Beneficiary Distribution Requirements. If you die on or after January 1, 2020, how quickly the assets must be withdrawn from the Xxxx XXX by your beneficiary depends on the beneficiary type (i.e., an eligible designated beneficiary, an individual that is not an eligible designated beneficiary, a nonperson beneficiary such as a charity or other entity, or a trust beneficiary) which are defined in the chart below.
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Beneficiary Distribution Requirements. The chart below outlines the distribution requirements for each beneficiary type assuming each beneficiary’s interest in the inherited Xxxx XXX funds is separately accounted for according to the Regulations by no later than December 31 of the year following the year of your death. The beneficiary distribution options and/or requirements outlined below may be restricted, accelerated, or modified if separate accounting of each beneficiary’s share is not completed by such deadline. Such beneficiaries should consult with their tax and legal counsel for advice on required distributions from the inherited Xxxx XXX funds.
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Beneficiary Distribution Requirements. If you die on or after January 1, 2020, how quickly the assets must be withdrawn from the Traditional IRA by your beneficiary depends on the beneficiary type (i.e., an eligible designated beneficiary, an individual that is not an eligible designated beneficiary, a nonperson beneficiary such as a charity or other entity, or a trust beneficiary) and the timing of your death (i.e., before your required beginning date, or on/after your required beginning date).
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Beneficiary Distribution Requirements. The chart below outlines the distribution requirements for each beneficiary type assuming each beneficiary’s interest in the inherited Xxxx XXX funds is separately accounted for according to the Regulations by no later than December 31 of the year following the year of your death. The beneficiary distribution options and/or requirements outlined below may be restricted, accelerated, or modified if separate accounting of each beneficiary’s share is not completed by such deadline. Such beneficiaries should consult with their tax and legal counsel for advice on required distributions from the inherited Xxxx XXX funds. Your spouse beneficiary may continue to maintain the inherited IRA funds in an Inherited Xxxx XXX or may choose to move the inherited Xxxx XXX funds to a Xxxx XXX of their own through a direct transfer (if eligible) or a rollover. Spouse Move to Own Xxxx XXX. Your spouse beneficiary may choose to move the inherited Xxxx XXX funds to their own Xxxx XXX through a direct transfer (if eligible) or a rollover. If your spouse beneficiary moves the inherited funds into a Xxxx XXX of their own, they will generally not be subject to required minimum distributions. In a transfer, Xxxx XXX funds are moved directly from the Inherited Xxxx XXX to your spouse’s own Xxxx XXX. The deadline for your spouse to transfer the inherited funds to their own Xxxx XXX is the later of December 31 of the year following your death, or December 31 of the year your spouse attains the applicable age. Your spouse’s applicable age is • age 70½, if their date of birth is June 30, 1949, orearlier, • age 72, if their date of birth is after June 30, 1949, but before January 1, 1951, • age 73, if their date of birth is after December 31, 1950, but before January 1, 1960, or • age 75 if their date of birth is January 1, 1960, or later. In a rollover, your spouse beneficiary withdraws the inherited funds and then subsequently deposits the funds into their own Xxxx XXX as a rollover contribution, generally within 60 days. Your spouse beneficiary may choose to roll over the inherited Xxxx XXX funds to their own IRA at any time, so long as rollover eligibility requirements are satisfied. Note: Your spouse beneficiary may not roll over any required distributions (including hypothetical RMD amounts).
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