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my wife died. She had $9500 in an IRA. I need the money to pay funeral expenses. How much in taxes will I owe when I withdraw it?

Submitted: 1095 days and 22 hours ago.

Category: Tax

Value: $9

Status: AWAITING CUSTOMER ACTION

Optional Information:
Bon Aqua, Tennessee

Answer

For inherited IRA, you can take a distribution without paying 10% penalty. However, $9500 will count as income and subject to income tax.

Accepts:
Expert:	Zhicheng Lai
Pos. Feedback:	98.4 %
Answered:	11/23/2006

Enrolled Agent(EA)

5 years tax preparing experience

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Question

my wife died. She had $9500 in an IRA. I need the money to pay funeral expenses. How much in taxes will I owe when I withdraw it?

Optional Information

Optional Information: Bon Aqua, Tennessee

Answer

For inherited IRA, you can take a distribution without paying 10% penalty. However, $9500 will count as income and subject to income tax.

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Optional Information:
Bon Aqua, Tennessee