Spousal Inherited IRA <59 1/2
48 year old surviving spouse, 53 year deceased spouse.
If surviving spouse wishes to have penalty free access to the IRA prior to 59 1/2, what are her options?
Also, are there RMDs for the surviving spouse prior to age 59 1/2?
Permalink Submitted by Alan - IRA critic on Mon, 2018-11-12 18:45
Surviving spouse should maintain the IRA as inherited, and NOT roll it over to her own IRA. This will enable her to take penalty free distributions as needed until age 59.5. And there are no RMDs required because as the sole spousal beneficiary, RMDs are not required until the year her deceased spouse would have reached 70.5. She would assume ownership after reaching 59.5 and as the owner her RMDs would not start until 70.5.
Permalink Submitted by fn ln on Mon, 2018-11-12 19:22
What needs to be done to maintain it as inherited?
Permalink Submitted by Alan - IRA critic on Mon, 2018-11-12 22:42
Simply submit a death certificate and any other data required by the IRA custodian to re title the IRA in inherited form. The title will include the name of spousal beneficiary and the name of the decedent. She also need to name her own beneficiary at that time.