DECEASED FATHER’S PENSION WITH PPG NAMED ME AS A BENEFICIARY
CAN I OPEN A INHERITED IRA WITH THE CHECK BEING PAYABLE BY THE PENSION COMPANY TO AN INHERITED IRA FOR ME AS A TRUSTEE TO TRUSTEE TRANSFER-CHECK MADE PAYABLE TO THE NEW TRUSTEE SO THAT I AM NOT TAXED ALL AT ONCE?
THE NEW TRUSTEE OF THE INHERITED IRA WILL PAY RMDS TO ME
Permalink Submitted by Alan - IRA critic on Thu, 2017-12-14 17:58
Yes, the check payee must show your inherited IRA custodian FBO Shomo inherited IRA or similar. The process is referred to a direct rollover, and your RMD calculation for the inherited IRA would normally be based on your life expectancy when the direct rollover is completed no later than 12/31 of the year following the year of your father’s death.