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17) Leigh is single and 58

Taxation

17) Leigh is single and 58. She has a traditional IRA retirement account valued at $79,000. On December 1, 2019, Leigh dies. Her only son, Easton, age 2 7, inherits his mother's retirement plan. Which of the following statements is correct? A. Easton must start taking minimum distributions from the retirement account, which will be subject to the 10% early withdrawal penalty since Easton is not 59½._ B. Easton can roll over the inherited retirement account into his own retirement account, essentially treating it as his own. C. Easton can choose to distribute the entire balance of the IRA within five years of Leigh's death, or take minimum distributions from the retirement account over his life expectancy, either of which will not be subject to the 10% early withdrawal penalty. He cannot roll over the inherited retirement account into his own account. D. Easton cannot start taking distributions from his inherited retirement account until he reaches age 59½.

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