My friend, who was more than 10 years younger than her recently departed late husband, told me he had an IRA at Schwab. Her husband did not take his RMD this year yet. She was told she has to take a certain amount before the end of the year. She seems to believe her options are either treating the IRA as her own or transferring it to an Inherited IRA. I told her to tell Schwab what her birthday and the birthday of her husband was so they could be sure to give her the appropriate amount to take for this year. (She hasn't a tax adviser and is not personal finance savvy.) What tax table would she use? Could she, once she, say, perhaps converted the entire account to an Inherited IRA (titled appropriately with her husband's name for the benefit of her) then convert the RMD into another Roth IRA? Why might she perhaps want to treat this IRA as her own as opposed to converting to an Inherited IRA and does she have to have it titled differently than an Inherited IRA? Thanks for your help.
Statistics: Posted by CrossOverGuy — Fri Sep 13, 2024 11:02 am — Replies 13 — Views 341