Exchange Currency

inherited IRA

An IRA that becomes the property of someone other than the spouse of the deceased owner of the IRA. Inherited IRAs are subject to special regulations. The beneficiary receives the distribution by December 31 of the fifth year after the death of the owner. In addition, this type of IRA does not allow for tax deduction contributions and rollovers to and from other IRAs. The IRA can also be paid as an annuity or in periodic installments not extending beyond the beneficiary's life expectancy.

Related information about inherited IRA:
  1. 8 Ways To Go Wrong With An Inherited IRA | Bankrate.com
    Apr 3, 2012 ... Whether you're the benefactor or beneficiary, what you don't know about an inherited IRA can foil your plans. Avoid costly mistakes by knowing ...
     
  2. Inherited IRA - Inheriting an IRA - Fidelity
    Inherited IRAs are specifically designed for retirement plan beneficiaries - those who have inherited an IRA or workplace savings plan, such as a 401(k).
     
  3. Five Rules For Inherited IRAs - Forbes.com
    Jun 9, 2010 ... Not so an inherited IRA. All movement of money must be from one IRA custodian to another--be sure to specify a "trustee-to-trustee" transfer.
     
  4. Inherited IRA Definition | Investopedia
    An individual retirement account that is left to a beneficiary after the owner's death. If the owner had already begun receiving required minimum distributions ...
     
  5. Non-Spouse Inherited IRAs: How to Avoid Making Common Mistakes
    Apr 19, 2010 ... The IRA custodian or trustee should code or flag the inherited IRA so that ... Once you have your non-spouse inherited IRA in a properly titled ...
     
  6. How to Handle Inherited IRAs - AARP
    Oct 5, 2012 ... Balancing an inherited IRA and avoiding heavy taxes is like walking a tightrope. — John Ueland. There's one more step — younger wives, ...
     
  7. Inherited IRAs: Still A Sweet Deal - WSJ.com
    Apr 13, 2012 ... Under current rules, heirs get to stretch withdrawals from an inherited IRA across their own life expectancies, meaning the assets could ...
     
  8. Publication 590 (2011), Individual Retirement Arrangements (IRAs)
    Contributions (including rollover contributions) are made to the inherited IRA, or ... It also means you cannot roll over any amounts into or out of the inherited IRA.