Question about inherited IRA

Submitted by JoAnne Brenner on Sat, 2015-04-11 15:36

My husband and I took a distribution from his IRA in 2015. We intended to pay it back within the 60 days required. However, he died. I’m the beneficiary. Can I pay the money back within the 60 days without it being an excess contribution? It hasn’t been rolled over into my IRA yet, but it will be.



Submitted by Alan - IRA critic on Sat, 2015-04-11 16:42

Sorry to hear of your loss. If you are the executor of his estate, the IRS has allowed a rollover within 60 days: 

6. Maybe the Executor of Decedent. A surviving spouse who was the executor of her deceasedhusband’s estate could create an IRA for her deceased husband and rollover a lump sum distribution received by her husband before his death where the distribution was rolled over within 60 days after the date the husband received distribution. Ltr Rul 8351119 (Sept. 23, 1983).  

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