Non Spouse Beneficiary
Non Spouse Beneficiary inherits traditional IRA from father first, and then uncle shortly thereafter. Does she have to set up 2 separate inherited IRA’S? ( which I believe is necessary).
Or can she use the one set up when father died, to put uncle’s money into?
Thanks.
Permalink Submitted by David Mertz on Sun, 2020-03-22 00:00
Two separate inherited IRAs are required.
Permalink Submitted by Mel Langer on Sun, 2020-03-22 03:36
Thanks for the prompt response. What is the proper verbiage to use when setting up a non spouse inherited IRA?If account is set up incorrectly, and transferred improperly, does that mean all movement of the inherited IRA is considered a “distribution” and subject to ordinary income tax?
Permalink Submitted by David Mertz on Sun, 2020-03-22 12:33