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Joined: 09/05/2003 Posts: 327
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I think the IRA would trip that wire

Since it seems it should be treated as “ordinary income” for the estate and it’s about $3,500.

(In response to this post by FfxStationHokie)

Posted: 03/28/2019 at 10:22AM

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Current Thread:

Finally getting around to doing my son's estate taxes. Who knows the rules? -- Hokie Koooster 03/28/2019 08:21AM

My dad is a CPA in RVA with practices in VA and MD. Shoot me an email -- ElbertoHokie 03/28/2019 10:18AM

Just checking, but have you been assigned as the executor of his estate? -- EDGEMAN 03/28/2019 08:34AM

I'm technically his "administrator" since he didn't have a will -- Hokie Koooster 03/28/2019 08:39AM

Are you talking about the estate filing, or the estate's tax return? -- EDGEMAN 03/28/2019 08:58AM

This is for his estate's tax return -- Hokie Koooster 03/28/2019 09:06AM

I don't think you have to file estate tax returns unless $600 income -- FfxStationHokie 03/28/2019 09:48AM

I think the IRA would trip that wire -- Hokie Koooster 03/28/2019 10:22AM

If it's a conventional, you treat it as income in the year it's liquidated -- EDGEMAN 03/28/2019 10:36AM

Inside -- FfxStationHokie 03/28/2019 10:33AM

Good points, and one thing that needs to be taken care of is... -- EDGEMAN 03/28/2019 10:43AM

It's your last points - it was cashed out and put into the estate -- Hokie Koooster 03/28/2019 11:01AM

Will have to defer to a CPA to answer both of those questions. -- EDGEMAN 03/28/2019 1:24PM

Thanks - the questions seem straightforward but answers elusive ** -- Hokie Koooster 03/28/2019 1:30PM