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Megan C
Megan C , Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16539
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I inherited an IRA three years ago. I was planning on doing

Resolved Question:

I inherited an IRA three years ago. I was planning on doing the withdrawals or my expected life and made a few withdrawals paying the 10% early withdrawal penalty. Due to some unexpected family problems I am going to have cash out the entire IRA. I remember there being an option of cashing out the inherited IRA in the first five year and not having to pay an early withdrawal penalty. Can I still take that option and if so is there a way to get the penalties back i have already paid.
Submitted: 2 years ago.
Category: Finance
Expert:  Megan C replied 2 years ago.

Megan C :

Hello, and welcome to JustAnswer.com

Megan C :

How are you today?

Customer:

Doing welll

Megan C :

That's good. I'm sorry to hear about your loss!

Customer:

thank you

Megan C :

I hate to be the bearer of bad news, but once you elect to take the withdrawals over your life time, and start the periodic payments, then you can't go back and decide to take the entire amount out.

Customer:

thought so but was just checking if there was a way around that

Megan C :

I'm truly sorry

Megan C :

Is there anything else that I can assist you with today?

Customer:

no problem thank you for your help

Megan C :

You;re welcome. If you would, please rate as "excellent" so that I may receive credit for assisting you today

Customer:

no that is going to be it

Megan C and other Finance Specialists are ready to help you
Expert:  Megan C replied 2 years ago.
Thanks, Ken for your positive rating. Please come back and visit me any time you have a question that needs answered. It was a pleasure working with you today!