Business, 23.10.2019 20:30 Fm610899

Paul and mary smith own a small candy shop. both paul and mary have established traditional ira's, contribute to them annually to provide for their retirement and have designated each other as beneficiary to their accounts. paul and mary have two grown children. if either paul or mary should die, what would happen to their ira?
(a) the surviving spouse would receive the distribution as ordinary income in the year their spouse died.
(b) the surviving spouse would become the owner of the ira and have the title to the account changed to the surviving spouses name.
(c) the ira would become part of the deceased persons estate and assets would be distributed according to the will of the deceased person.
(d) the assets of the ira would be split equally and taken as ordinary income between the surviving spouse and the two children.

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Paul and mary smith own a small candy shop. both paul and mary have established traditional ira's, c...

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