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On the one hand, if someone owns a house, and that house is left to their child, would anyone argue that it isn't a house anymore? Why should an IRA be any different? If it was a retirement account for the original owner — which no one would dispute — then why should its character change merely because the owner dies? On the other hand, there are a number of reasons why an inherited IRA should not be considered a "retirement" account and ultimately, the Supreme Court felt these factors outweighed their counterparts. Specifically, the Supreme Court felt the following characteristics of inherited IRAs weren't characteristics of a "retirement" account: *Beneficiaries cannot add money to inherited IRAs like IRA owners can to their own accounts. *Beneficiaries of inherited IRAs must generally begin to take RMDs in the year after they inherit the account, regardless of how far away they are from retirement. For instance, a grandchild that inherits an IRA at one-year old must begin taking RMDs by the time they are two. It's hard to see how that can be for their retirement. *Beneficiaries can take total distributions of their inherited accounts at any time and use the funds for any purpose without a penalty. IRA owners must generally wait until 59 ½ before they can take penalty- free distributions. Relying largely on these items, the Supreme Court decided that inherited IRAs don't contain "retirement funds" and, as a result, the favorable bankruptcy protection afforded to such funds under the federal bankruptcy code should not be extended to them. Does this decision apply to all inherited IRAs? Although the Supreme Court's decision doesn't explicitly state one way or another, its ruling seems to be limited to IRAs inherited by someone other than a spouse. There are a number of special rules for spousal beneficiaries under the tax code, including the ability for a surviving spouse to rollover a decedent's IRA into their own IRA. In fact, during oral arguments, the bankruptcy trustee's attorney even made a point to distinguish Clark's inherited IRA from that of a surviving spouse.
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