Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Is an early withdrawal of an IRA taxable if the IRA was the…

Customer Question
Is an early withdrawal...

Is an early withdrawal of an IRA taxable if the IRA was the husband's and he died and the wife withdrew the IRA after his death?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

My daughter's husband died 12/20/16 and he had an IRA My daughter withdrew (cashed) the IRA (in 2017) after his death. both were under 59 1/2 at the time.

Submitted: 1 month ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
3/25/2018
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 month ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,633
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 month ago

Yes the IRA distribution is taxable. They may have shown a code 4 on the 1099R which would mean no 10% penalty for being under 59 1/2 but it is taxable. The same it would have been taxable to the deceased the IRA is taxable to the beneficiary (even if the benficiary is the spouse).

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 month ago

Did that clarify?

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 day ago

Hi,

Your question is still open. I am checking back to see if you needed more information.

Ask Your Own Tax Question
Was this answer helpful?
Ask Robin D. Your Own Question
Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,633
17,633 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

Robin D. 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

1,338 satisfied customers

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

Richard

Richard

Tax Attorney

4,451 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

17,633 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 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.

< Previous | Next >

Related Tax Questions
Are "in kind" distributions from an irrevocable trust that
Are "in kind" distributions from an irrevocable trust that is being terminatied subject to PA Inheritance Taxes... … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Are partnership distributions of land in the final year of a
are partnership distributions of land in the final year of a partnership taxable. The ending capital balance in the partners account is 0 … read more
Cole Parker
Cole Parker
Principal/CPA
Bachelor\u0027s Degree
87 satisfied customers
What are the circumstances for a beneficiary to receive a
What are the circumstances for a beneficiary to receive a K-1 (1041)? I have been a beneficiary before but never received a KI-1. I thought the estate paid everything having to do with taxes. … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,074 satisfied customers
A client of mine is a beneficiary in a trust and the trust
A client of mine is a beneficiary in a trust and the trust has around $25K of income. The client would pay income at the individual level in her income tax thru a K-1 and the trust does not pay income… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,074 satisfied customers
I'm the Successor Trustee - in charge of distributing the
I'm the Successor Trustee - in charge of distributing the Trust's income to the income beneficiaries. The trust is supposed to distribute the "income" - on an annual basis. The question becomes what %… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
931 satisfied customers
I am and executor for an estate. Funds were distributed,
I am and executor for an estate. Funds were distributed, some in 2017 and some in 2018. I need to know if I need to file taxes for this year or next, since all tax liability should be passed to the be… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,074 satisfied customers
My daughter is both beneficiary and owner of 529 account.
My daughter is both beneficiary and owner of 529 account. When she withdrew money from 529 to pay for her part of qualified tuition expenses, she by mistake specified that it was NOT distributed to th… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have two questions. For Class D beneficiaries the
I have two questions. For Class D beneficiaries the Inheritance tax is 15% on the gross estate value under $700,000. The Inheritance tax has been filed and 15% tax paid. If a beneficiary is named to r… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,948 satisfied customers
We are one of the beneficiaries of a charitable trust. The
We are one of the beneficiaries of a charitable trust. The trust has made final distributions. We received a schedule K-1 that shows interest and non passive income. Question concerns other informatio… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
A trust was in operation until the beneficiaries each turn
A trust was in operation until the beneficiaries each turn 30 years old. There are two beneficiaries. At age 30 each beneficiary gets their 50% share. The oldest beneficiary turned 30 a couple of year… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am a trustee for a trust. The primary beneficiary passed
I am a trustee for a trust. The primary beneficiary passed away last year. Her will calls for the trust assets to be distributed to her children. For various reasons, the trust assets were not distrib… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My husband in the beneficiary of an IRA account that has a
My husband in the beneficiary of an IRA account that has a life insurance rider. Can he roll the "IRA" portion of the account into an inherited IRA and take the "Life Insurance Portion" be tax-free? T… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Do I report (in kind) stock transfers to beneficiaries of a
do I report (in kind) stock transfers to beneficiaries of a residuary trust as it closes out in 2017? Stock transfers took place late last year and assumed date of death basis. remaining fractional sh… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Pearl, I'm the beneficiary of an irrevocable trust that owns
Hey there Pearl, I'm the beneficiary of an irrevocable trust that owns a 5 acre piece of land. The land is about to be subdivided and partially sold. I'm trying to navigate how to handle the sale of t… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
A mother established a trust which was to be the beneficiary
A mother established a trust which was to be the beneficiary of her IRA upon her death. Her 2 daughters are beneficiaries of the trust. Following her death the IRA was distributed to the trust. The re… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am a beneficiary of a revocable trust. The trust held a
I am a beneficiary of a revocable trust. The trust held a mortgage on my home. I sold the home and paid off the mortgage of $117,000. Is this considered income that the beneficiaries will have to pay … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Are benefits received as the beneficiary of a life insurance
are benefits received as the beneficiary of a life insurance policy taxable? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,633 satisfied customers
I am a beneficiary of a irrevocable trust that issues a
Hello I am a beneficiary of a irrevocable trust that issues a mandatory distribution of 50,000.00 net of taxes. A bank has been issuing the distributions to me as principal distributions. They have no… read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,633 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