Rollover to spouse on death
A spouse does not have her own IRA account. The husband died. Can she create a new account in her own name and rollover the husband’s IRA into her account. Thanks
A spouse does not have her own IRA account. The husband died. Can she create a new account in her own name and rollover the husband’s IRA into her account. Thanks
Permalink Submitted by Alan - IRA critic on Wed, 2019-05-08 02:15
Yes, she can open a new account. Then she needs to submit the death cert and other required info to the existing custodian and if she is the sole beneficiary advise them that she elects to assume ownership of the existing IRA. She can then do a non reportable transfer to her new owned IRA account. This procedure avoids exposure to the one rollover limitation. Note that if the husband did not complete his RMD for the year of death (if any), the spouse will have to complete that RMD. If the surviving spouse is under 59.5, please advise.
Permalink Submitted by Daniel Hynek on Wed, 2019-05-08 12:35
As the result of a divorce settlement (via a judge) Children received a settlement in addition to the mother’s alimony. The kids are in their twenties. Is a gift tax due for them? Thanks.