Inherited IRA & 60 Day Rollover?
Can a non spouse beneficiary execute a 60 day rollover of an inherited IRA or would this be a fully taxable event? Thanks!
Can a non spouse beneficiary execute a 60 day rollover of an inherited IRA or would this be a fully taxable event? Thanks!
Permalink Submitted by Denise Appleby on Wed, 2009-04-01 23:49
No. A non-spouse beneficiary cannot do a 60-day rollover of inherited assets
Permalink Submitted by [email protected] on Fri, 2009-04-03 13:22
What is the result if they do? Fully taxable with no recourse?
Permalink Submitted by mk foss on Fri, 2009-04-03 19:04
If a nonspouse beneficiary were to roll over an inherited IRA – it would become immediately taxable in full.
It would need to be removed from the IRA it was deposited into or else 6% penalties for excess contributions could be imposed each 12/31 that the funds are there.