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When can a wife access a husband's IRA without penalty when he has passed away?
Wiki User
∙ 14y ago
Generally, early distributions from an IRA are subject to a 10-percent tax in addition to the regular income tax on your total income. Early distributions are amounts that are distributed before you reach age 59 1/2.
There are several exceptions to the age 59 1/2 rule. The beneficiary of a deceased IRA owner is exempt from the additional 10 percent tax. If you choose to treat the IRA as your own, other requirements apply.
For more information, go online at www.irs.gov/formspubs. Select Publication Number. Type 590 to read/print Publication 590 (Individual Retirement Arrangements).
Another helpful source is Tax Topic 557 (Tax on Early Distributions from Traditional and Roth IRAs), available online at www.irs.gov/taxtopics.
Wiki User
∙ 14y ago
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