Transfer of IRA basis
Wife rolled over IRA into her own IRA after husband died. Husband had some basis in the IRA. Does basis now transfer to wife’s IRA?
Wife rolled over IRA into her own IRA after husband died. Husband had some basis in the IRA. Does basis now transfer to wife’s IRA?
Permalink Submitted by PaulC on Wed, 2024-03-13 21:47
Yes, contribution basis in a Traditional IRA transfers to either a spousal or a non-spousal beneficiary. Records establishing the prior account owner’s basis should be retained by the beneficiary for income tax purposes.
Permalink Submitted by Bernard Katz on Thu, 2024-03-14 21:57
Thank you for your answer. Much appreciated.