Inherited IRA
Client received an inherited IRA and had the total amount put into a savings account. Does the 60 day period apply to inherited IRA’s as well as traditional IRA’s?
Client received an inherited IRA and had the total amount put into a savings account. Does the 60 day period apply to inherited IRA’s as well as traditional IRA’s?
Permalink Submitted by Alan - IRA critic on Thu, 2022-05-19 15:00
No, not unless the client inherited from their spouse. A distribution from a non spouse inherited IRA is never eligible for rollover. Client will get a 1099R and will have to report the taxable income for this distribution.