60 day rollover non-spousal inherited IRA
I probably already know the answer to this but will ask just in case. Client has inherited IRA from non spouse. She needs some of the money to pay estate taxes but can probably replace it within 60 days. Is there anyway to take money out now, replace it within 60 days and avoid income tax?
Permalink Submitted by Alan Spross on Tue, 2008-04-01 22:55
No. Non spouse inherited IRA assets cannot be rolled over for any reason. They can be moved by direct transfer, but client would then not have the use of the funds.
However, if she has her OWN IRA, she then could get temporary use of the funds and then roll the amount back.