• Facebook
  • LinkedIn
  • Twitter
  • Youtube
  • Mail
  • Instagram
  • Subsidy Calculator
  • Ask a Broker
  • Social Wall
Your Friend and Ally for Insurance and Investments Call 240-855-4541 Speak to a Broker Today!
Comrade Financial Group
  • Home
  • About
    • Our Associates
      • Free Comprehensive Review
      • Contact Us
      • Work with US
      • Veterans
    • Referral Partners
      • Tell A Friend
      • Testimonials
      • Carriers
  • Health Insurance
    • Health Insurance Quote
      • Individual Health Insurance
      • Family Health Insurance
      • Self Employed Health Insurance
      • College Student Health Insurance
      • Small Business Health Insurance
    • CareFirst Individual & Family Quote
      • Kaiser Health Insurance
      • United Health Insurance Quotes
      • Anthem Blue Cross Blue Shield
      • Humana Health Insurance
    • Special Enrollment Health Insurance
      • Short Term Medical Quotes
      • International Insurance Plans
      • Dental Insurance
  • Life Insurance
    • Term Life Insurance
      • Whole Life Insurance
      • Whole Life Insurance Riders
      • Universal Life Insurance
      • Indexed Universal Life Insurance
      • Final Expense Life Insurance
  • Annuities
    • Annuities
      • Fixed Annuities
      • Fixed Indexed Annuities
      • Immediate Annuities
      • Multi Year Guaranteed Annuities
      • Annuity Income Riders
      • Annuity Rate Quotes
    • What is an Annuity?
      • Safe Money
      • Wealth Protection
      • 401(k) Rollover
    • Retirement Planning
      • Fixed Income Retirement
      • Asset Protection
  • IRA’s
    • IRA’s
      • IRA Rollovers
      • 401(k) Rollover
      • Roth IRA
      • 403(b)/TSA IRA
      • Inherited IRA’s
    • Self-Employed Retirement Plans
      • SEP IRA
      • Direct Rollover
  • Group Benefits
    • Small Business Health Insurance
      • Small Group Health Insurance
      • Large Group Health Insurance
    • Group Census Form
      • Disability Insurance
      • Critical Illness Insurance
      • Cancer Insurance
  • Seniors
    • Retirement Planning
      • Fixed Annuities
      • Fixed Indexed Annuities
      • Immediate Annuities
      • Multi Year Guaranteed Annuities
      • Medicare Supplement Insurance
    • Wealth Protection
      • IRA Rollovers
      • 401(k) Rollover
      • Direct Rollover
      • Social Security Benefits
      • Fixed Income Retirement
      • 1035 Exchange’s
    • Estate Planning
      • Safe Money
      • Asset Protection
      • Long Term Care Insurance
      • Annuity Income Riders
  • Menu Menu

Inherited IRA’s

You are here: Home1 / Inherited IRA’s

Inherited IRA’s in Maryland, D.C. and Virginia

Inherited IRA options and choices for residents living in Maryland, District of Columbia and Virginia

Inherited IRA options and choices

Inherited IRA Rollovers

Inherited IRA options and choices for residents living in Maryland, District of Columbia and Virginia

Time and money large 900

Inherited IRA options and choices

Inherited IRA Rollovers

Inherited IRA in Maryland, District of Columbia and Virginia

Comrade Financial Group can help you with your Inherited IRA for residents living in Maryland, DC and Virginia.

What if You Inherit an IRA?

If you inherit a traditional IRA, you are called a beneficiary. A beneficiary can be any person or entity the owner chooses to receive the benefits of the IRA after he or she dies. Beneficiaries of a traditional IRA must include in their gross income any taxable distributions they receive.

Inherited from your Spouse

If you inherit a traditional IRA from your spouse, you generally have the following three choices. You can:

  1. Treat it as your own IRA by designating yourself as the account owner.
  2. Treat it as your own by rolling it over into your IRA, or to the extent it is taxable, into a:
    1. Qualified employer plan,
    2. Qualified employee annuity plan (section 403(a) plan),
    3. Tax-sheltered annuity plan (section 403(b) plan),
    4. Deferred compensation plan of a state or local government (section 457 plan), or
  3. Treat yourself as the beneficiary rather than treating the IRA as your own.

Treating it as your own

   You will be considered to have chosen to treat the IRA as your own if:

  • Contributions (including rollover contributions) are made to the inherited IRA, or
  • You do not take the required minimum distribution for a year as a beneficiary of the IRA.

You will only be considered to have chosen to treat the IRA as your own if:

  • You are the sole beneficiary of the IRA, and
  • You have an unlimited right to withdraw amounts from it.

However, if you receive a distribution from your deceased spouse’s IRA, you can roll that distribution over into your own IRA within the 60-day time limit, as long as the distribution is not a required distribution, even if you are not the sole beneficiary of your deceased spouse’s IRA. For more information, see When Must You Withdraw Assets? (Required Minimum Distributions) , later.

Inherited from someone other than your Spouse

If you inherit a traditional IRA from anyone other than your deceased spouse, you cannot treat the inherited IRA as your own. This means that you cannot make any contributions to the IRA. It also means you cannot roll over any amounts into or out of the inherited IRA. However, you can make a trustee-to-trustee transfer as long as the IRA into which amounts are being moved is set up and maintained in the name of the deceased IRA owner for the benefit of you as beneficiary.Like the original owner, you generally will not owe tax on the assets in the IRA until you receive distributions from it. You must begin receiving distributions from the IRA under the rules for distributions that apply to beneficiaries.

IRA with Basis

If you inherit a traditional IRA from a person who had a basis in the IRA because of nondeductible contributions, that basis remains with the IRA. Unless you are the decedent’s spouse and choose to treat the IRA as your own, you cannot combine this basis with any basis you have in your own traditional IRA(s) or any basis in traditional IRA(s) you inherited from other decedents. If you take distributions from both an inherited IRA and your IRA, and each has basis, you must complete separate Forms 8606 to determine the taxable and nontaxable portions of those distributions.

Federal Estate Tax Deduction

 A beneficiary may be able to claim a deduction for estate tax resulting from certain distributions from a traditional IRA. The beneficiary can deduct the estate tax paid on any part of a distribution that is income in respect of a decedent. He or she can take the deduction for the tax year the income is reported. For information on claiming this deduction, see Estate Tax Deduction underOther Tax Information in Publication 559, Survivors, Executors, and Administrators.Any taxable part of a distribution that is not income in respect of a decedent is a payment the beneficiary must include in income. However, the beneficiary cannot take any estate tax deduction for this part.A surviving spouse can roll over the distribution to another traditional IRA and avoid including it in income for the year received.

source irs.gov

Inherited IRA options and choices

Inherited IRA Rollovers

Search

Office Hours

M-F 9am-7pm

Sat 11am-3pm

Closed on Sunday

Call for an appointment

Phone: 240-855-4541

 

2018-19 Subsidy Calculator Calculator

2018-19 Federal Poverty Guidelines

Poverty Guidelines Small

Follow us on Facebook

RSS Google Health News

  • Biden to Rejoin Paris Climate Agreement : Inauguration Day: Live Updates - NPR
  • Here's how the stock market performed under President Donald Trump, and how it compares to previous admin.. - Business Insider
  • The Bachelorette's Dale Moss Reveals the Real Reason for His Breakup With Clare Crawley - E! NEWS
  • NFL conference championship injuries: Chiefs flip-flop on Patrick Mahomes' status on Wednesday - CBS Sports
  • Wall Street hits all-time high, Biden breaks Hoover's record for stock gains - New York Post

RSS WebMD Health News

  • COVID-19 Ups Complication Risks During Childbirth
  • For Biden, 100 Million Vaccinations in 100 Days Not Easy
  • Biden Vows Healing and Action on COVID Pandemic
  • Fried Food Raises Risk for Heart Disease, Stroke
  • Healthier 2021: Bill Is Staying on Track, Even While Traveling

FOLLOW US ON TWITTER

Tweets by @ComradeFinGroup

Affiliate Company Links

Maryland Annuity Resource DC Annuity ResourceVirginia Annuity Resource The Gentleman Closer

Double A Consultants

Follow us on Facebook

Recent Posts

  • 2020 Federal Poverty Income Level Chart
  • 2019 Federal Poverty Income Guidelines
  • 2016 Federal Poverty Income Guidelines for Subsidies
  • Special Enrollment Qualifying Conditions
  • How to get the best deal on Health Insurance.
© Copyright 2019 - Comrade Financial Group, LLC DBA Comrade Financial Group - Website Design by Trackable Response
  • Facebook
  • LinkedIn
  • Twitter
  • Youtube
  • Mail
  • Instagram
  • Home
  • About
  • Health
  • Life
  • Annuities
  • IRA’s
  • Group
  • Seniors
Scroll to top