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My sister made me the sole beneficiary of a $257,000 IRA.

Customer Question
My sister made me...

My sister made me the sole beneficiary of a $257,000 IRA. Because of a paperwork glitch the IRA has to be included as part of my sister's estate. We have a estate EIN. How much will the taxes be on $257,000?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

The total estate value is $360000.

Submitted: 5 months ago.Category: Tax
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11/14/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 5 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,562
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Tax Professional: Tax.appeal.168, Tax Accountant replied 5 months ago

I take it that the IRA was cashed out. If this is the case, the $257,000 is taxable as ordinary income. If there is no other income and if filing status is single, the tax bracket for the $257,000 is 33%. You can refer to the following link for the tax bracket breakdown.

https://taxfoundation.org/2017-tax-brackets/

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