Permalink Submitted by Alan Spross on Tue, 2011-11-29 19:33
No. An inherited IRA from a non spouse must remain an inherited IRA. Further, there can be no indirect rollovers to another inherited IRA, as any check made out to the beneficiary becomes irrevocably taxable. If the beneficiary wants to change IRA custodians, is must be done by a trustee to trustee transfer.
RMDs must begin no later than the end of the year following parent’s death. The RMDs are based on the account balance on 12/31 of the year of parent’s death and the age the beneficiary will attain in the following year.
Permalink Submitted by Alan Spross on Tue, 2011-11-29 19:33
No. An inherited IRA from a non spouse must remain an inherited IRA. Further, there can be no indirect rollovers to another inherited IRA, as any check made out to the beneficiary becomes irrevocably taxable. If the beneficiary wants to change IRA custodians, is must be done by a trustee to trustee transfer.
RMDs must begin no later than the end of the year following parent’s death. The RMDs are based on the account balance on 12/31 of the year of parent’s death and the age the beneficiary will attain in the following year.