Can I transfer my deceased husband's IRA fund to my name if at the end of its 5-year term?

Jan 10, 2018

I’m a widow with a beneficiary IRA from my deceased husband. I’m at the end of the five-year term. Can I transfer the mutual fund IRA into my name, or do I have to cash out?

More information is needed to fully address your question. Typically, there is an option when inheriting an IRA that it can be paid out over 5 years, which I’m assuming is what you’re referring to. If you elected this option at the time of inheriting the funds, the assets must be fully distributed from the inherited IRA in order to be taxed. If you did not elect this option, then you will have some flexibility on what you can do with the funds.

I recommend you consult a CPA with all of the details of your situation so that your concerns are fully addressed.

For more resources, check out PICPA’s Money & Life Tips, Ask a CPA, or CPA Locator.

Answered by: Patrick D. Runyen, CPA, CFP, is a wealth manager with Independence Advisors LLC in Wayne, Pa.

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