Do I need to wait till I am 72 to move some money? Can I roll over some into my IRA starting now, and how much each year? My mother probably didn't move any money after she got dementia, she died 10/22 at 92 years old. I put the money into a new Roth IRA in my name and I also have my own little IRA. Got a notice recently that I need to move money from the Inherited IRA, but I am not sure how to bust a move!
https://www.bogleheads.org/wiki/Inheriting_a_Roth_IRA
You can’t roll inherited Roth IRA money into your personal IRA, not even if it is also a Roth. Hopefully what you actually did was move it from her personal Roth IRA into an inherited Roth IRA. If it was accidentally moved into an inherited traditional IRA, you need to get that fixed because it is a tax problem.
Most likely, you will just need to take the money out within 10 years. The only way to put it in your own IRA is if you have earned income and use the cash you take out to make the contribution you would have been eligible for anyway.
Note that inherited money is generally your separate property, unless you take it out and put it into a shared account. Hopefully your marriage is strong, but someone in similar circumstances should be aware that life changes can stress a marriage and make their choice to share or not share their inheritance purposefully.
Here are the rules.
You cannot move funds from a Roth to an IRA as a rollover. That is considered a recharacterization, and the IRS prohibited that a few years ago. You can take normal distributions from the Roth and make normal contributions into an IRA (as long as you meet the other income rules).
It is better to use someone who knows what the are doing and who can look at the intricacies of your financial documents.