Nonspouse Benficiaries | Ed Slott and Company, LLC

Nonspouse Benficiaries

Caution! No Rollover for Nonspouse Beneficiaries

Did you inherit an IRA from someone who is NOT your spouse? This is not uncommon. Maybe you inherited from a sibling or a parent or a friend. If this is your situation, you will want to proceed with caution. For nonspouse beneficiaries a wrong move can result in disastrous consequences. So, take your time and do it right. Step one is to carefully explore your options. What are a nonspouse beneficiary’s options when it comes to the inherited IRA? Under the tax code, nonspouse beneficiaries can take advantage of the “stretch” IRA. This means you can set up a properly titled inherited IRA and then take required minimum distributions (RMD)s based on your life expectancy.

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