Inherited IRA

An Inherited IRA is an account which is opened by an individual who is the beneficiary of a Traditional, Rollover, Roth, SEP or SIMPLE IRA. Inherited IRAs allow beneficiaries to receive their inherited IRA assets.

Inherited IRA Account Details

Benefits

  • In most cases, spouse beneficiaries can roll over assets into their own IRA or an inherited IRA, while the rules for non-spouse beneficiaries may be different.
  • Depending on the original account holder’s age, the beneficiary either begins annual life expectancy distributions or closes the account by December 31st of the 5th year following the death of the original account holder (the options may be different if the beneficiary is a trust or estate).
  • Withdrawal options for beneficiaries can be complex. Contact a CPA or tax advisor.

Eligibility

  • Must be the beneficiary of an inherited IRA

Add or Change Beneficiary

 

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