inherited iras
when a non-spouse inherits an ira does this inherited ira have to be transfered to a brand new ira (trustee to trustee titled john doe deceased dec 1, 2007 for the benefit of joe smith, beneficairy) OR can the existing ira just be re-titled (john doe deceased dec 1, 1007 for benefit of joe smith, beneficairy)?
Permalink Submitted by Denise Appleby on Thu, 2008-01-10 12:34
It all boils down to the operational policies and procedures of the financial institution. They can do whatever they want to, as long as they satisfy the IRS reporting requirements.
Some firms require the assets to be moved to a new IRA, if their systems are static.
Others can accommodate the retiling of the account, and perform any required tax reporting for the beneficiary ( ies) and the decedent at the same time, by finagling their systems.