INHERITED IRA WITH BASIS
When a spouse dies (dob 1/24/1951) and there is non-deductible IRA basis on both spouses’ IRAs, if the surviving spouse rolls inherited IRA into hers, are the bases just combined fr tax purposes? Is there a required method for doing this? Thank you!
Terry Says
“Basis” doesn’t matter in an IRA, since all withdrawals are taxed as ordinary income! The rare exception is when an IRA contains after tax (non-Roth) contributions. In that case, I hope you kept good records.
