It depends on whether you make a rollover or not. As a spouse, you can roll over the inherited IRA to your own IRA. This allows you to name a new beneficiary and to postpone distributions until you reach age 701/2. Or you can choose not to make a rollover (which you may want to do if you need funds before age 591/2 and want to avoid early withdrawal penalties). In this case, the account must be titled as follows: [Deceased-spouse’s name], deceased on [add the date of death], FBO [add your name], beneficiary. FBO stands for: For the Benefit of.
Gross income less allowable adjustments, such as IRA, alimony, and Keogh deductions. AGI determines whether various tax benefits are phased out, such as personal exemptions, itemized deductions, and the rental loss allowance and modified adjusted gross income (MAGI).