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IRA Rollover?

Mike3232
Level 3

Client received late husbands IRA via check, put it in bank CD within 60 days. 1099-R has Code 4,Death. I am thinking this does not qualify as a rollover.  Am I correct?

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4 Comments 4
sjrcpa
Level 15

You are correct. It's taxable.

The more I know, the more I don't know.
Mike3232
Level 3

Thx

qbteachmt
Level 15

Unless the purchase of the CD was made inside of an IRA account in her name as Inherited, there no longer is any IRA protection on the funds. Look at the account where the CD is held, to see how it is titled for the owner.

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Mike3232
Level 3

Thanks.  It's an 11 month CD.  Checking the bank tomorrow.

 

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