Inheriting a spouses IRA and moving it
My question is this, If Mary is the beneficiary of her spouse Peter and she inherits his IRA for $100k and its currently in an Annuity but wants to move it to another annuity from another Carrier. When She has completes the death claim paperwork and they send her a check for the 100k proceeds does she have 60 days from the date of the check to get it into another annuity or savings vehicle to maintain the IRA status?
THanks
Permalink Submitted by Alan - IRA critic on Fri, 2021-02-05 22:24
Yes, but if she has not yet assumed ownership of the IRA annuity, she will have to be the owner of the new IRA annuity or whatever other IRA product she chooses because a surviving spouse that receives a distribution can only roll it into her own IRA. She will also be subject to the one rollover limit for 12 months, so cannot do the spousal rollover if she has rolled over any prior IRA distribution taken in the past 12 months.