inherited IRA accounts

Forum|Forum|2 years ago
February 16, 2024
2 replies
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husband died 11/23. He had 2 differant IRA accounts. I inherited these accounts. I did not remove any money, simple changed from his name to mine as owner. Do not know how to classify. Is this a "rollover" or something else?

Best answer by dmertz

What you describe is spousal assumption of ownership of these accounts and you should have not received any Forms 1099-R. Spousal assumption of ownership is not reportable.

DaveF1006

To clarify, did you receive 2 1099R forms for these IRA's?

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lkavanaughAuthor

yes. #1 got (2) 1099R One in his name for 11 months second in my name for Dec. he died in Nov. 2023, I Inherited ( did paperwork )early Dec.

On # 2 IRA, this was an annunity which came to me as "benefiter" upon his death. (So was #1 above)Did all paperwork to change name from him to me, nothing else changed.

dmertz

Employee

What you seem to be describing are Forms 1099-R for distributions paid monthly, 11 months to your husband and 1 month to you. If that's the case, is seems that neither of these Forms 1099-R is reporting the transfer of the IRA annuity to you and are only reporting taxable distributions actually paid to either you or your husband. I would imagine that the Form 1099-R indicating a payment to you would something like 9% of the amount paid to your husband. If the Form 1099-R reports an amount representing the balance of the annuity rather than just a 1 month distribution, it would instead seem that the IRA annuity company performed a reportable distribution and rollover.

dmertzAnswer

Employee

What you describe is spousal assumption of ownership of these accounts and you should have not received any Forms 1099-R. Spousal assumption of ownership is not reportable.