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If I inherit an IRA before the age of 59.5, can I have it sent directly to my own IRA?

An IRA is being willed to me. If I inherit it before the age of 59.5, can I have it sent directly to my own IRA? What are the tax implications?

Estate Planning, IRAs, Taxes
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October 2018

This is a great question and one that I must answer, it depends, due to lack of information.

The only instance that would allow you to rollover the inherited IRA assets would be if they were being inherited from yuor spouse.  This is the only time, regardless of age, that you can rollover assest from a decedant's IRA to your own.

When you inherit assest from anyone other than your spouse, you are required to open an inherited IRA and begin taking required minimum distributions each year.  This will be a minimum amount you will need to take out each year and you can always take out more if needed, regardless of age.

So, if it is a spouse's IRA you can roll it over to your own otherwise you cannot.  I am sorry for your loss and hope this helps!

October 2018
October 2018
October 2018
October 2018