These plans and other assets that carry income (including money held for investment or retirement) are taxed as assets of the decedent at death. For instance, if a non-qualified qualified pension plan owned money with a current value of 1,000 and a decedent owned the decedent's home with 8,000 at the time of death, the decedent's estate would be entitled to a distribution of 2,000 from the home's assets to the IRA. This is a special treatment and is referred to as a “decedent's distributions” under federal tax law. These distributions are not taxable. To ensure the fairness of federal estate tax, and to support the federal estate recovery program which provides for equitable distribution for survivors, estate tax laws have developed special rules that apply to these distributions. Special Rules for Decedents' Payments for Retirement Pension and Other Savings IRA Distributions of a decedent's qualified pension and other retirement assets are taxable to the survivor of the decedent if the survivor is at least 65 years old and has an AGI in excess of 100,000 (150,000 if a widow or widower). If the survivor is not at least 65 years old and has an AGI in excess of 100,000, the distribution is non-taxable to the survivor and an alternative distribution is provided. This alternative distribution is often referred to as a “spousal distribution”. In either event, the survivor receives only the distribution equivalent to the lump sum of the survivor's AGI plus all applicable deductions. The survivor is expected to pay all federal income taxes with respect to the distribution. However, the decedent's IRA or other IRA- or pension-related account distributions are considered qualified distributions for the survivor (including any applicable state income taxes) and therefore not taxable. These special rules apply solely to the decedent's IRA or IRA-related account. Other retirement plans and annuities that may be owned by the estate of the decedent may still be subject to estate or gift taxes, depending on the ownership structure of the plan or annuity (e.g. mutual plans or individual 401(k)s), and may not be eligible for an IRA distribution. The following table provides information about the Special Rules for IRA Distributions for Survivors.
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PLANNED G I F T S for AMHERST Charitable Gifts from IRAs and Other Pension Plan Assets Since their inception, Individual Retirement Accounts (IRAs) and other qualified pension plans have become popular
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