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PUAhokie

Joined: 08/15/2004 Posts: 14838
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To the accountants out there... seeks a little IRA guidance


My dad passed away on Thanksgiving. His wife says I'm set to receive ~$10k from IRA. I'm trying to read up on implications of this- and it seems a little tricky. Can any of yall give me the 2 sentence "this is what you need to know"?

I've read that I have to cash it out before 5 years, but that I'll incur a 10% tax penalty for doing so since I will not be 59.5 yrs, I'll owe federal and state taxes... even though this is an inheritance which, if cash, would not be subject to taxes. What am I wrong/right about?


Posted: 01/22/2017 at 12:23PM


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Current Thread:
 
  To the accountants out there... seeks a little IRA guidance -- PUAhokie 01/22/2017 12:23PM
  Try the enclosed link. Its pretty comprehensive. -- UTPr0sim 01/22/2017 1:36PM
  IIRC - I think this will be an inherited IRA -- FfxStationHokie 01/22/2017 1:18PM

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