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davec343
New Member

I withdrew money from my IRA and rolled it over to my spouse's IRA,do I pay Federal and State taxes on the amount? I am over 60 years old.

 
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I withdrew money from my IRA and rolled it over to my spouse's IRA,do I pay Federal and State taxes on the amount? I am over 60 years old.

The answer is "Yes". The problem is that you are not eligible for a tax-free rollover from one spouse's IRA to another except under two conditions:

1. You died and your assets are being transferred to your spouse. or

2. You are getting divorced, and the court ordered the transfer.

Does either case apply?

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3 Replies

I withdrew money from my IRA and rolled it over to my spouse's IRA,do I pay Federal and State taxes on the amount? I am over 60 years old.

The answer is "Yes". The problem is that you are not eligible for a tax-free rollover from one spouse's IRA to another except under two conditions:

1. You died and your assets are being transferred to your spouse. or

2. You are getting divorced, and the court ordered the transfer.

Does either case apply?

dmertz
Level 15

I withdrew money from my IRA and rolled it over to my spouse's IRA,do I pay Federal and State taxes on the amount? I am over 60 years old.

Regarding #2, no rollover is permitted.  An IRA can be transferred incident to divorce only by nonreportable trustee-to-trustee transfer or by retitling an existing account, neither of which is a distribution and rollover.

I withdrew money from my IRA and rolled it over to my spouse's IRA,do I pay Federal and State taxes on the amount? I am over 60 years old.

Regarding the original question: You cannot take money from one spouses IRA and put (roll) it into the other spouses IRA, that is not permitted, and would be a new contribution to the spouses IRA.   If the amount was more than the allowed $6,500 or exceeded the amount of earned compensation on the spouses separate tax return or a joint return (whichever is less), it would be an excess contribution subject to penalty and must be removed.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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