surviving spouse registration
Does a surviving spouse have to register in a special format as does a non- spouse?
Can she/he just move the inherited traditional & Roth directly into her/his IRA ?
If contingency beneficiaries the same on her/his IRAs will new i paper work be required?
Permalink Submitted by Charlie Hoffmen on Mon, 2021-01-18 23:12
e-mail url …. eval(unescape(‘%64%6f%63%75%6d%65%6e%74%2e%77%72%69%74%65%28%27%3c%61%20%68%72%65%66%3d%22%6d%61%69%6c%74%6f%3a%63%62%5f%68%6f%66%66%6d%40%79%61%68%6f%6f%2e%63%6f%6d%22%3e%63%62%5f%68%6f%66%66%6d%40%79%61%68%6f%6f%2e%63%6f%6d%3c%2f%61%3e%27%29%3b’))
Permalink Submitted by Alan - IRA critic on Tue, 2021-01-19 01:04
The format is the same for a spouse or non spouse beneficiary, and is dictated by the custodian’s processing platform. The following is copied from an earlier post by DMx explaining how almost all custodians operate.
“There is no statutory requirement to open an inherited IRA before making a distribution or transfer. However, it is standard practice to transfer the IRA to an inherited IRA titled as being for the benefit of the beneficiary so that the custodian can collect the necessary beneficiary information for reporting any distribution to the beneficiary or for transferring the account. The opening of the inherited IRA allows the custodian to record and associate information such as the beneficiary’s address and SSN needed for issuing Forms 1099-R or for ensuring that a transfer is completed properly, things that are done using the custodian’s automated or standardized processes. Deviating from the custodian’s automated or standardized processes can be perilous.”
Part of the account format is the arrangement of the required listing of both the beneficiary and the decedent. There are two primary methods, with the IRS generally preferring “James Smith as beneficiary of Sally Smith” or “Sally Smith deceased xx/xx/xxxx, James Smith beneficiary.”