Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

My recently deceased mother had an IRA that was sending her

Customer Question
a yearly distribution of approx...
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: 1 year ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 minute by:
8/25/2016
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,334
Experience: Certified Public Accountant
Verified

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

Ask Your Own Tax Question
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year 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.

Ask Your Own Tax Question
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

I hope you found this information to be beneficial. If this answered your question please take a few moments to rate my response. A rating is needed in order for me to receive credit for helping you today. The rating bar is located at the top of the page – ranging from 1 to 5 stars. If you need me to clarify aspect of my response or if there are additional areas of the question that you would like me to consider please let me know. I would be happy to continue the discussion. It has been my pleasure helping you today.

Ask Your Own Tax Question
Ask Mark Taylor Your Own Question
Mark Taylor
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,334
2,334 Satisfied Customers
Experience: Certified Public Accountant

Mark Taylor is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I have read where are no early distribution penalties for
I have read where are no early distribution penalties for early withdrawals on inherited IRAs. What if the beneficiary in under 59 1/2?… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
734 satisfied customers
A trustee cashed in an ira but didn't distribute funds to
A trustee cashed in an ira but didn't distribute funds to the beneficiaries before the end of the year … read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
734 satisfied customers
I have an IRA account and the beneficiary on the account is
I have an IRA account and the beneficiary on the account is a Trust that I set up. So if I die, the IRA money goes into the Trust. I would like to know how that IRA money is taxed if I die. My total e… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
Tax Question: Non-Resident Withholding Tax, Franchise Tax
Tax Question: Non-Resident Withholding Tax, Franchise Tax Board, CA HISTORY: 1. The property is in California 2. The owner resides in outside of California 3. Metro Property Management collects monthl… read more
abci168
abci168
Principal
27 satisfied customers
What is the average % of withholding paid by employeer for
What is the average % of withholding paid by employeer for employee who is earning 100K / year… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
What does "Distributions Other Than Dividend Distributions"
what does "Distributions Other Than Dividend Distributions" mean on a corporate tax return? Was the amount listed actually giving to the shareholder? … read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
734 satisfied customers
Beneficiary IRA tax question for a CPA. I have a deceased
Beneficiary IRA tax question for a CPA. Hi! I have a deceased client that named her Trust as the IRA beneficiary. The custodian won't send the 4 charities (all charities, no natural persons) directly … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
1099-R with distribution code 3. Can I get an earned income credit?
If someone receives a 1099-R with a distribution code 3, can they qualify for earned income credit? The person receives his pension because he became disabled.… read more
Bizhelp
Bizhelp
Certified Public Accountant (CPA)
Bachelor's Degree
638 satisfied customers
My employer did not withhold FICA taxes for Jan and Feb 2017
My employer did not withhold FICA taxes for Jan and Feb 2017 and at the time, they said I may have to pay taxes on this during tax season, but weren't 100% sure.Now, my employer got in touch with me a… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,473 satisfied customers
I received a Beneficiary Claim Form from American Equity
I received a Beneficiary Claim Form from American Equity Investment Life Insurance Co. concerning my deceased Mother's policy (IRA). My question is this: should I have federal/state withholding and at… read more
abci168
abci168
Principal
27 satisfied customers
I need to prepare a non- withholding or reduce withholding
I need to prepare a non- withholding or reduce withholding certificate so my client can sign before transferring the tax to the IRS under FIRPA.My client and his brother owns an apartment for 500k 50%… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,473 satisfied customers
Related to my previous question are the US beneficiaries of
Good afternoon, related to my previous question are the US beneficiaries of an offshore/ foreign trust obliged to report to the IRS that they are beneficiaries even when the trust had not distributed … read more
abci168
abci168
Principal
27 satisfied customers
Federal Tax Credit or NC Tax Credit For 2017, is there any
Federal Tax Credit or NC Tax CreditFor 2017, is there any type of tax credit for replacing a roof on a historical house (1870)? It is primary residence. They will either replace the roof or do "hydros… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,473 satisfied customers
What would the federal and state tax rate percentages be for
What would the federal and state tax rate percentages be for a $7700 IRA early withdrawal in Ohio?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,473 satisfied customers
Is there a statutory limitation on collecting withholding
Is there a statutory limitation on collecting withholding taxes which were not filed with the state of Arizona?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,473 satisfied customers
I have a question regarding estimating a tax withholding on
I have a question regarding estimating a tax withholding on retirement distribution … read more
Mark Taylor
Mark Taylor
Certified Public Accountant (CPA)
2,334 satisfied customers
If a beneficiary of an irrevocable trust (the grantor was
If a beneficiary of an irrevocable trust (the grantor was his father, now deceased) has medical expenses paid out of the trust, are they able to deduct those expenses from their personal return?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am ready to distribute the funds to the beneficiaries as
I am ready to distribute the funds to the beneficiaries as the Executor of my mom's Estate. The Estate has no debts and no earned income (No Interest, No Investments etc..) only the following funds it… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x