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Surviving Spouse who Inherited an IRA

2019 – 08/15 Are you a surviving spouse who inherited an IRA? The beneficiary of a deceased spouse’s IRA must decide whether to roll it over into his or her own IRA, or leave the IRA in the deceased spouse’s name. Advantages to making the spousal rollover or election are that spouses, over age 59 1/2, can: 1) name their own beneficiaries and keep the IRA going longer; 2) defer the starting date for required distributions; and 3) enjoy more favorable required minimum distribution rules, because the IRA will be treated as if the surviving spouse had funded it. Various rules must be followed to get these advantages. Contact us for more information.

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