IRA Spouse Only Beneficiary - IRS Reporting

Answered by:

Question:

What needs to be done for IRS reporting when you have an IRA spouse only beneficiary, that wants to "treat as own"?

Answer:

The surviving spouse establishes an IRA in his or her own name and names beneficiaries. You do an "internal transfer" from the decedent's account to the survivor's account. There is no information reporting on the distribution or on the deposit; it is not a taxable event.

First published on BankersOnline.com 11/23/09