If an IRA owner dies, can the beneficiary transfer the funds to a non-retirement account?
Yes. This would be considered a taxable distribution-one that is not subject to an early withdrawal penalty. You may want to consult with an attorney or financial advisor prior to making such a decision due to the loss of continued tax deferral that may be available by leaving the funds in the IRA.
Related Questions
- What documents are required to transfer shares of an Individual, non-retirement or Joint account to a new account owner due to divorce?
- If an IRA owner dies, can the beneficiary transfer the funds to a non-retirement account?
- How do I transfer my non-Nicholas IRA account to a new Nicholas Family of Funds IRA?