Inherited IRA transfer/rollover?
My client is deceased and the sole beneficiary wants to transfer/rollover the funds to another bank/broker as an inherited IRA. Do we have to report this movement from our company and decedent to the new company and inherited IRA as a rollover? Or is it simply a transfer?
Permalink Submitted by David Mertz on Mon, 2023-05-22 12:21
A non-spouse beneficiary is only permitted to move an inherited IRA by non-reportable trustee-to-trustee transfer, not by distribution and rollover. If the funds are paid to a non-spouse beneficiary, they are not permitted to be put back into an inherited IRA by rollover.