New 5 YR Clock on Spousal Assumed Roth IRA
If one “assumes” versus “”inherit a spouse’s Roth IRA which has been established for more than 5 years does the 5 year rule start again when assumed by the remaining spouse? Thanks in advance for your insights!!
Permalink Submitted by David Mertz on Fri, 2024-03-08 01:07
The 5-year qualification clock for a spouse who assumes ownership of their deceased spouse’s Roth IRA starts at the beginning of the earliest year for which either spouse made a Roth IRA contribution.