In the event of death, direct distribution of a Traditional IRA is made to the beneficiaries listed, without being subject to probate. If the primary beneficiary is your spouse, he/she has the option of assuming ownership of your Traditional IRA or rolling it into a Traditional IRA of his/her own. If the beneficiary is not your spouse, the beneficiary may withdraw all or part of the funds; Any amount withdrawn is taxable in the year the distribution is made.
Don't have an IRA?
An IRA is a special tax-sheltered account that allows you to save on taxes while you save for retirement or other needs. TTCU offers four types of IRAs:
- Traditional IRA
- Roth IRA
- Traditional IRA Certificates
- Roth IRA Certificates
TTCU stays up to date with the most recent laws regarding IRA deposits and withdrawals. We also handle the rollover or transfer of an IRA to TTCU to ensure that the proper requirements are met. We do all the necessary reporting and paperwork required by the IRS.
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