Ask Terry Questions Deceased Parent’s IRA

Deceased Parent’s IRA

By Terry Savage on October 19, 2018 | Wild Card


I received a check $8,647 that was the remainder of my mom’s IRA with IVY (Waddell and Reed). No taxes were taken out.
Can I just roll this into a ROTH IRA or is there a better option? Actually what options do I have.

I am 54 and several years from retirement. My income is in the $40-50k range.


Terry Says

This is a complicated answer — but you must act quickly. And if you haven’t deposited the check in your bank account, don’t! I’m shocked that Waddell and Reed didn’t inform you of the possibilities of rolling over this money into an inherited IRA. There are a lot of requirements around the rollover and your ultimate resonsibliity for withdrawals, depending on teh age of the decedent and whether she had started taking withdrawals. I think you’ll find all the answers in this article from Fidelity. And I suggest you contact them immediately at 1-800-FIDELITY, because you only have 60 days to do a rollover!



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