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IRA payoff to benificiary.Is it taxable?Is there a

Customer Question
IRA payoff to benificiary.Is...

IRA payoff to benificiary.Is it taxable?Is there a penalty?28,000

Lawyer's Assistant: Estate laws vary by state. What state are you in?

Are in CA Estate is Nevada

Lawyer's Assistant: What documents or supporting evidence do you have?

Statement from IRA manager.Death certificateAlso life insurance from Met Life

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I don't think so.Just want to sort it out.

Submitted: 7 months ago.Category: Legal
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Answered in 1 minute by:
10/6/2017
Lawyer: Ray, Lawyer replied 7 months ago
Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 47,116
Experience: 30 years in civil, probate, real estate, elder law
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

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Lawyer: Ray, Lawyer replied 7 months ago

It is taxable as income because it was set up by the deceased out of tax free funds.So here there is tax on it, it is income added to your tax return if you take it as lump sum.You are able to differ income tax on it if you roll it over into your name and then withdraw it later.But if you take it now there will be taxes due on it.

I appreciate the chance to help you tonight.Thanks.

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

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Category: Legal
Satisfied Customers: 47,116
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Experience: 30 years in civil, probate, real estate, elder law

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