Inherited an IRA? Here's What You Need to Know

The rules surrounding an inherited IRA are a bit more complicated than the ones you run into when you open and fund your own account, and which ones will apply largely depend on what category of beneficiary you fall into: spouse, child or non-spouse, or an entity like an estate or charity. As their widow or widower, you can either retitle the IRA into your name or roll the money in it over into a new IRA. If it's a Roth IRA, you can withdraw any funds tax-free if the account has existed for at least five years.