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Is an Individual TOD the same as an IRA? If yes, would this be a Roth IRA or a Traditional IRA?

 
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2 Replies

Is an Individual TOD the same as an IRA? If yes, would this be a Roth IRA or a Traditional IRA?

TOD, Transfer on Death?  That can be on any kind of account.  What account?  

dmertz
Level 15

Is an Individual TOD the same as an IRA? If yes, would this be a Roth IRA or a Traditional IRA?

It's extremely unlikely that an account with Transfer On Death (TOD) in the account title would be an IRA or any other type of retirement account.  IRAs already become maintained for the benefit of the designated or default beneficiary upon the death of the owner, so doesn't make any sense for an IRA to have "TOD" in the account title.

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