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John Elder
John Elder, Estate & Elder Law
Category: Estate Law
Satisfied Customers: 4631
Experience:  Over 14 years experience in Medicaid, Estates, Trust.
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My mother passed away Feb 24 2013 and I am benificerary of

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My mother passed away Feb 24 2013 and I am benificerary of her IRA. It was with New York Life Annuity service center. She was 74 and had been taking the required amount out monthly since my father died 6 yrs ago. I am 50 and on SSD I make about 13,000 a yr. Not knowing anything about IRA's/ annuity, I did the paperwork to withdraw the money to pay for her funeral and her taxes. The total amount of the IRA was 75,000. Having withdrawn it all and they sent me a check, I'm wondering how much in taxes I will have to pay on this? I was told by NY Life I wouldn't be charged a penalty? Can you help me?
Welcome! Thank you for your question.

You will have to pay income tax based on the entire amount of the IRA and your SSD being considered income in 2013. This means that your gross income for 2013 will be about $88,000. The federal tax rate for that amount of income will be about 28%. There will be some state income tax of 4-5%.

There is not a 10% penalty for withdrawal of an inherited IRA. You are correct that there is not a penalty.

For most IRA accounts you could return some or all of the funds within 60 days and not have to pay the tax. However, with this type of IRA there is no 60 day grace period. Once you withdrew the money you were stuck with the income for the year of withdrawal.

I cannot provide you with legal advise. I have provided you with information about the law related to your question. My answer, and any information that you find online, should not take the place of having a consultation with a lawyer in your area to advise you regarding your specific issues.

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Customer: replied 4 years ago.

My mother passed away Feb 24 2012. I am her daughter and I am executrix and everything was left to me. She doesnt own any property or a home, and she doesnt own a car. All she has are her furnishings which were left to me. How long do I have to file her will in NY state? I have already paid off her funeral expenses and her taxes are doe for 2012. Also she doesnt have any debtsm she doesnt owe anyone. I want to make sure I file within the right amount of time.

Thank you for the additional question. Please do not forget to rate me on this question as well.

You do not have to file the will at all. A will in New York only has to be probated if your mother died leaving assets in her sole name of $30,000 or more. If there where no assets besides the IRA and furnishings then you do not have to do anything with the probate court. Sounds like you are in the clear.

Thank you,


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