The IRS has ruled that an IRA wasn’t an inherited IRA after the deceased IRA owner’s wife was appointed sole beneficiary by a state court. Before the state court ruling, the only beneficiaries were the children of the deceased. In a private letter ruling, the IRS stated that, because the wife is entitled to the proceeds of the IRA as the sole beneficiary, she is the individual for whose benefit the account is maintained. If the wife receives a distribution of the proceeds of the deceased’s IRA, she may roll over the distribution into one or more IRAs established and maintained in her name. (PLR 201934006) Visit our website for more information! www.mjscpa.com/news/