IRA Mistake #9:
Not Knowing Spousal/Non-Spousal Inheritance Rules

One of the big IRA mistakes is not realizing the difference between inheritance rules for spousal and non-spousal beneficiaries. If you are a spousal beneficiary, you can either switch the name on the IRA or roll the funds directly into an IRA you already have. Either way, the money is viewed as if it has been yours all along (you can contribute to it and will be required to withdraw from it).

If you are a non-spousal beneficiary, the money in the IRA is still yours, but you are not able to roll it over to your own IRA, and you are not allowed to contribute to it.

Read more about Rollovers and Inherited IRAs.

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