BST

thank you for your insightful response.

Parent passed away and adult child passed away shortly thereafter. We are still within the 9 month disclaimer period from parent's date of death. The estate of the child wishes to disclaim IRA so it can pass other beneficiaries. Custodian says this can't be done. Are they correct or can the estate disclaim because we are still in the disclaimer period? If possible to disclaim, any citation or other guidance to give the custodian would be appreciated.

thanks for your help and clarification on this. the entire balance with the accrued interest needs to re-amortized. applying all payments to interest for the first year plus is not a fix. No issue with the amortization schedule amortizing a balance over $50,000 because the interest accrued is also being amortized.

Maximum participant loan (residential) was granted at the end of 2021. Due to turnover at the plan sponsor repayment was not set up. Error was detected during 2022 plan audit. Recordkeeper is proposing correction by amortizing the loan over the remaining term using the original $50,000 loan as the loan balance with interest only payments until the accrued interest is repaid (entire amount of loan payment applied to interest for the next 13 months). Is this permissible or should the current accrued interest be repaid to the plan now? With accrued interest the balance is about $53,000. if this loan was not already at the maximum limit, I believe their correction would be appropriate. However, I am not sure it is OK when the loan plus accrued interest is over $50,000. Any guidance would be appreciated, I can't seem to find anything that is on point.

Journal of Accountancy just issued something that this is a new procedure. IRS requesting social security number and date of birth to identify who they are speaking with IRS asking for taxpayer representatives’ personal information - Journal of Accountancy.htm