Inherited IRA

[Guest fastfreddy066]

I started to supervised my sister inherited IRA from her Husband. How would i know if she rolled it over to herself or she became the beneficiary? i'm a little worried because she is 47 and her husband would have been 71 this year. Does she have to withdraw the minimum RMDs? I'm looking to do the minimun stretch out.

thanks

[jevd]

Need More Information.

How is the account titled. The custodian/trustee should be able to provide your sister with that information.That will determine if she rolled it over, assumed it or left it in her husbands name as an inherited IRA

They might not work with you unless you have a Power of Attorney or some other authority to receive the information.

Also,

When did her husband pass away and had he started distributions? You say he would have been 71 this year. Was he 70 1/2 this year or last. Did he die before 4/1 of the year following attainment of age 70.5 (Required Beginning date)

If she has rolled it over or assumed it, no further distributions are required, however as she is under 59 1/2, any distribuions are subject to penalty unless covered by an exception.

If she left it in his name as an inherited IRA, then distributions are required depending on the answers to the questions above.

See IRS publication 590 for more information or re-post here with information and someone on this board may be able to help you.

[Guest fastfreddy066]

These are the name of the accounts she inherited.

1. IRA FBO susan L. ameritrade inc custodian rollover account

2. C/F IRA of susan L. U/A DTD 03/12/92

3. Susan L. IRA FCC as custodian

4. PFPC trust CO CUST FBO susan L. U/A DTD 03/12/92

Her husband pass away in 03/92 and he would be 71 this year.

thanks

[mbozek]

You need to retain a tax advisor to review the ownership of each IRA other than #3 which appears to be her own IRA. Spouse can roll Inherited IRAs to her own IRA to avoid MRD on her deceased husband's IRAs.

[david rigby]

If you have not already done so, start with IRS Publication 590:

http://www.irs.gov/pub/irs-pdf/p590.pdf

(It is 100 pages long, so call 1-800-TAX-FORM and request a copy.)