Considerations When Inheriting an IRA

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When inheriting an IRA (Roth or Traditional) you may wonder about available choices regarding the account title as well as distributions. Are distributions required? If so, how long do you have to take these distributions and when do these distributions begin? Are you eligible to move the IRA to your own name; and, if so, should you do this, or must the account name reference the decedent and their date of death? What are the tax implications of these choices? Today, we’ll answer these questions and more as we explore inheriting an IRA.

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Updated: Jan 4, 2022

About the author
Diane DeCesare of Armanino LLP is a member of XPX Philadelphia

You need a trusted advisor to work with your team to maximize cash flow through reduction to tax and understanding of financial terms of the deal.