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re: Inherited IRA Question
Posted on 2/3/24 at 11:08 am to LSUFanHouston
Posted on 2/3/24 at 11:08 am to LSUFanHouston
Trying to follow this. Confused though about this situation vs spousal inheritance. Schwab rep told me he didn’t think there was such a requirement (mandated withdrawal) on spouse inherited IRA any more but can anyone clarify this ?
2
Posted on 2/3/24 at 2:49 pm to ArkBengal
quote:
Trying to follow this. Confused though about this situation vs spousal inheritance
Spousal is a whole different ballgame.
Surviving spouses have the option to roll decedent spouse balance into surviving spouse IRA, and treat combined balance as of it was theirs all along.
This combined account then is subject to your RMD rules.
This post was edited on 2/3/24 at 2:51 pm
Posted on 2/3/24 at 2:58 pm to ArkBengal
quote:
Trying to follow this. Confused though about this situation vs spousal inheritance. Schwab rep told me he didn’t think there was such a requirement (mandated withdrawal) on spouse inherited IRA any more but can anyone clarify this ?
Depends what you invoke as the spouse. If the original owner was your spouse, you can either treat the IRA as your own (by far most common) or you can treat it as an inherited IRA.
This may explain it better, but it’s a bit technical.
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