Non-spouse beneficiaries of IRAs and 401(k)s.

• Position: Correction - Correction Notice

In the Estate Planning article titled "Inherited IRAs" from the March/April 2004 issue of California CPA, the article should have indicated that a non-spouse must determine the life expectancy factor from the Single Life Table in the year following death and reduce it by one in each subsequent year.

There is a 50 percent penalty for shortfalls in these calculations.

Also, the article should have indicated that after-tax contributions to a 401(k) plan can be recovered tax-free...