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RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 40991
Experience:  Texas lawyer for 30 years in Estate law
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Surely, I am an accountant so friends of mine inherited a

Customer Question

JA: Estate laws vary by state. What state are you in?
Customer: I am an accountant so friends of mine inherited a IRA from his mom. It says Her name follow by DCSD and FBO his name is this taxable it is not a Roth
JA: What documents or supporting evidence do you have?
Customer: 1099R
JA: Anything else you want the lawyer to know before I connect you?
Customer: That's more or less what i know, OK
Submitted: 6 months ago.
Category: Estate Law
Expert:  RayAnswers replied 6 months ago.

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

Expert:  RayAnswers replied 6 months ago.

Yes it would be as income unless he rolls it over himself into one in his name.In most cases when you go to the bank they offer you both choices either roll it over or cash it out and they will send you the 1099 at the end of the year.If he took the cash he has to pay the tax on it here, it is added to his income for that year.It is one of the few things that are inherited that are taxable.

I appreciate the chance to help you tonight.Please let me know if you have more followup.Thanks again.

If you can positive rate 5 stars it is much appreciated.

Customer: replied 6 months ago.
When asked what state I could not put an answer in... anywhere
The process of this is very confusing. I rate it a 3
Expert:  RayAnswers replied 6 months ago.

Thanks so much I appreciate the chance to help you .

Customer: replied 6 months ago.
additionally Why do I feel like I am going to be charge and something more will end up taking more money from my debit card # provided!!
Expert:  RayAnswers replied 6 months ago.

It was a one time question as far as I can tell.

FBO for the benefit of for your refernce