Inherited Roth IRAs
Author | Seymour Goldberg |
Profession | Senior partner in the law firm of Goldberg & Goldberg, P.C., Woodbury, New York |
Pages | 133-133 |
133
INHERITED ROTH IRAS
One of the advantages of a Roth IRA is the fact that the Roth IRA owner
is not subject to the required minimum distributions rules during his /
her lifetime.
Upon the Roth IRA owner’s death, a nonspouse beneficiary must
commence required minimum distributions in the year following the
Roth IRA owner’s year of death.
The nonspouse beneficiary must receive required minimum distri-
butions from the inherited Roth IRA based on his / her term- certain life
expectancy.
The nonspouse beneficiary determines his / her term- certain life ex-
pectancy based on his / her age as determined under the IRS single life
expectancy table in the year after the Roth IRA owner’s year of death.
The inherited Roth IRA must be maintained in the deceased Roth
IRA owner’s name for the benefit of the nonspouse beneficiary. The So-
cial Security number of the nonspouse beneficiary must be used on the
inherited Roth IRA account.
If there are multiple nonspouse beneficiaries of the decedent’s Roth
IRA and each nonspouse beneficiary would like to use his / her respective
life expectancy in determining required minimum distributions from
his / her share of the decedent’s Roth IRA, then the decedent’s Roth IRA
must be timely separated by means of a direct transfer by no later than
December 31 of the year following the Roth IRA owner’s year of death.
If the timely separation of the inherited Roth IRA does not take
place, by the December 31 deadline, then special rules apply.
In the event that the nonspouse beneficiaries divide the decedent’s
Roth IRA by means of a direct transfer after the December 31 deadline,
then each nonspouse beneficiary must use the IRS single life expectancy
of the oldest nonspouse beneficiary as determined in the calendar year
after the Roth IRA owner’s year of death for required minimum distri-
bution purposes.
If there are multiple nonspouse beneficiaries of an inherited Roth
IRA, then the inherited Roth IRA for each nonspouse beneficiary can
only be established by means of a direct transfer.
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