11-07-2009, 11:56 AM
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$ Saving First Grader
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Join Date: Dec 2006
Posts: 5
Points: 85.10
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Quote:
Originally Posted by disneysteve
You -- not IRS -- should benefit from an inherited IRA[/url]
Here is a good article that walks you through your options. Scroll down page 1 to the section titled "Non-spousal inheritances". Basically, you have 3 choices. You can 1) roll it into a benficiary IRA, 2) cash it out so it is no longer an IRA or 3) give it away.
The deadline for doing some of this stuff is December 31 of the year after the account owner died, so you need to decide soon what you want to do since you have less than 2 months to set things up.
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Good read, thanks Steve. |