You'll need to sign in or create an account to connect with an expert.
Yes, you can take a distribution from the inherited IRA.
With an IRA inherited from a spouse, you have at least two options. @dmertz will remind me if I missed a third option.
A. Treat it as your own IRA. You can rollover the funds (combine) them into any IRA you own, or keep it as a separate account, but transfer into your name. You can withdraw money at any time for any reason, and pay the income tax. If you are older than your RMD beginning age, you must withdraw at least the RMD amount, but you can withdraw more if you want to.
B. Keep it as an inherited IRA (the account is titled something like "John Smith as beneficiary of Mary Smith."). It stays separate from your own retirement funds. You can withdraw money at any time for any reason, and pay the income tax. If your wife was older than her RMD beginning age, you must take RMDs based on your own life expectancy table (you can withdraw more if you want, but you must withdraw at least the minimum amount). You must also spend out and close the IRA by the end of the 10th year after your spouse died.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
coachbishop1
New Member
lac528
Level 2
TheSkyrms
Level 1
RK95
Returning Member
David265
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.