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Megan C
Megan C , Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16539
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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My husband passed away. He had an IRA with an investment firm.

Resolved Question:

My husband passed away. He had an IRA with an investment firm. I am his beneficiary. I am 58 years old, so have not been able to access my own retirement accounts yet. I want to receive the proceeds from my husband's IRA to live on for the next year. I'm told by the investment firm that I cannot obtain the proceeds even though my husband was 63 when he passed away. Is this accurate? I do not want to turn this into an IRA and then pay a penalty to withdraw it. Thanks for your help.
Submitted: 3 years ago.
Category: Finance
Expert:  Megan C replied 3 years ago.

MyVirtualCPA :

Thank you for your question, and thanks for using JustAnswer.com

MyVirtualCPA :

If you are the beneficiary of the IRA account, you can draw the entire balance out within 5 years. You will have to pay tax on the withdrawal, but you will not have an early withdrawal penalty

MyVirtualCPA :

I am unsure why the investment firm is telling you that you cannot take the money

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