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My wife died this year at age 68 and 10 months. I was listed…

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My wife died this...

My wife died this year at age 68 and 10 months. I was listed as a joint owner of her credit union account which included an IRA CD and an IRA savings account. I was also the beneficiary of those two Ira accounts. Can I have that IRA distributed as if it was distributed under her social security number this year because we have a large deduction coming from a repayment of Social Security benefits?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

I am not sure what other information he might need

Submitted: 9 months ago.Category: Tax
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11/14/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 9 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,387
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 9 months ago

The distribution cannot be made to your spouse now (under her SSN) but you do have choices. These options are:

  1. Treat it as his or her own IRA by designating himself or herself as the account owner.

  2. Treat it as his or her own by rolling it over into a traditional IRA, or to the extent it is taxable, into a:
    a. Qualified employer plan,
    b. Qualified employee annuity plan (section 403(a) plan),
    c. Tax-sheltered annuity plan (section 403(b) plan),
    d. Deferred compensation plan of a state or local government (section 457(b) plan), or

  3. Treat himself or herself as the beneficiary rather than treating the IRA as his or her own.

If a surviving spouse receives a distribution from his or her deceased spouse's IRA, it can be rolled over into an IRA of the surviving spouse within the 60-day time limit, as long as the distribution is not a required distribution, even if the surviving spouse is not the sole beneficiary of his or her deceased spouse's IRA.

If rolled into your own IRA then it is not taxable and would not be counted as income.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 9 months ago

Please accept my condolences and let me know if the above clarified your options.

Please let me know if you need more information.
If not then scroll up to see the STARS to rate so I am credited.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 9 months ago

Hi, just checking to see if you responded in any way so I know that you understand the answer I supplied

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