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Converting Roth IRA
This may have already been answered but I don't know where to look -
My husband had a somewhat small roth IRA. I am the direct beneficiary. I was just told by the stockbroker that I cannot cash this account in. I can only convert it into an account in my name. This makes no sense because if I were not the named beneficiary it would have been part of his estate, subject to probate and distributed as directed by Will or the Court. I already have an IRA and now they want me to have a second IRA? Am I misunderstanding something? |
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You should be able to either keep your husband's IRA in tact, or roll it into your own account, and make withdrawals from there per the usual rules. Here are a couple of articles that address issues of inheriting an IRA from a spouse:
Understanding the Tax Ramifications of an Inherited Roth IRA - InvestorGuide University Inherited IRA - Inherited Roth IRA |
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