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Submitted By: someone
Answered: December 3, 2017 9:13 pm
Answered: December 3, 2017 9:13 pm
I inherited a Roth IRA and want to transfer funds to a new account. Am I limited to my annual required minimum distribution?
If you are not the spouse of the person who set up the Roth IRA, you cannot roll over the funds to your own Roth IRA account. However, you can change investment companies; you aren’t limited to a part of the account. But use caution: the account must be titled in such a way that it’s not treated as a distribution to you.
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Tax Glossary
Exemption
A fixed deduction allowed to every taxpayer, except those who may be claimed as a dependent by another person. Extra exemption deductions are allowed for a spouse on a joint return and for each qualifying dependent. A deduction of $3,400 is allowed for each exemption claimed on 2007 returns, but the deduction is phased out for certain high income individuals.
