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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 976
Experience:  Certified Public Accountant
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My recently deceased mother had an IRA that was sending her

Customer Question

My recently deceased mother had an IRA that was sending her a yearly distribution of approx $1,000 each year. After researching the distributions for the past four years the bank has determined the checks were returned and never cashed. (They sent them to a closed PO box) the withholding was 10% and reported on my mom's taxes. I never caught that the checks never made it to her because I wasn't aware of the account. I just filed anything that came in for taxes. So the bank tells me to check with best way to proceed to cut me a beneficiary check. Do I pay taxes again? It's not a huge amount but I'd almost rather pay more now and get it back, or credited later, rather than owe because it will be on my taxes. Your opinion?
Submitted: 3 months ago.
Category: Tax
Expert:  Mark Taylor replied 3 months ago.

Hi, my name is Mark. I will be happy to help you with your questions.

Expert:  Mark Taylor replied 3 months ago.

I am very sorry for your loss. You would not need to pay taxes again. The taxes were already paid on these distributions. The bank would need to reissue the checks.

Expert:  Mark Taylor replied 3 months ago.

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