beneficiary of a deceased's IRA
My mother just passed away and I am beneficiary to her $9000 IRA CD. Do I have to cash it in and if I do must I pay income tax on it? Can I roll it over into one of my IRA accounts or set up a new one? My current IRA's consist of an Ameritrade IRA online account and an IRA CD with a local bank. I am 53 and disabled so I am not subject to any penalty should I decide to withdraw any portion of my IRA. I don't know if this is pertinent but I wanted to give you a little more information to find out What All My Options Are to deal with being beneficiary to her IRA. Thank You!
1 Answer from Attorneys
Re: beneficiary of a deceased's IRA
Only a spouse can "rollover" a decedent's IRA. However, you can continue your mother's IRA as beneficiary and take annual minimum required distributions over your table life expectacy and then you'd only be taxed for the amount that you actually withdraw each year.
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