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Inherited IRA and Tax consequences My client and her sister
Inherited IRA and Tax consequencesMy client and her sister inherited 2 IRA accounts (traditional) from their mother. The first IRA was transferred to her mother when her husband passed away in 2018. T… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,814 satisfied customers
I am the Adm. over my dad's estate and my brother is a C
I am the Adm. over my dad's estate and my brother is a C Adm. Per the courts i NY I was to get an EIN which did happen but we never got the monies owed. We recently visited NY to update the Adm. pare … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I am disabled and recieve SSI and SSDI, my only income. My
I am disabled and recieve SSI and SSDI, my only income. My father passed away and left me an IRA which I cashed out fr $12,862.69. Do I have to pay taxes on this is my question. … read more
Rick
Rick
MBA
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Turbo Tax is asking for a six digit code, but the auto
Turbo Tax is asking for a six digit code, but the auto answer only gives a five digit code. How can I get the correct code so I can continue. … read more
Lev
Lev
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Bachelor's Degree Equivalent
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Is an early withdrawal of an IRA taxable if the IRA was the
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? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
20,865 satisfied customers
My ex husband died and his IRA (worth just under $20,000) is
My ex husband died and his IRA (worth just under $20,000) is payable to estate. He died without a will but his two adult children are the only beneficiaries. The estate is complete and approved by the… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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If I want to sell some stock that is in my husbands and my
If I want to sell some stock that is in my husbands and my name can I sell it if is under his s.s.#. He is deceased. Or do I need to have the stock put in my name and soc. before I can sell it? … read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
746 satisfied customers
My brother died last August and I received $4K in Gross
My brother Gerald died last August and I received $4K in Gross Distribution of a Roth IRA and a 1099-R. On the 1099-R, the amount also is in Block 2A, "4" is in the Distribution Code Block 7, and the … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
19,163 satisfied customers
I inherited two IRAs from my wife as the sole designated
I inherited two IRAs from my wife as the sole designated beneficiary, held at two different financial institutions. My wife passed away in September 2015. The IRA account numbers were changed, but in … read more
Christopher B, Esq.
Christopher B, Esq.
Attorney
Juris Doctor
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Can you roll an inherited IRA into your IRA so you don't
Can you roll an inherited IRA into your IRA so you don't have to pay all the tax in year your receive. For example spouse dies and other spouse is beneficiary. Can the IRA be rolled into surviving spo… read more
Lev
Lev
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Bachelor's Degree Equivalent
35,814 satisfied customers
What are the options with an inherited IRA? If it is
What are the options with an inherited IRA? If it is withdrawn by the beneficiary, it will be taxed but I believe it is not subject to the early withdrawal penalty. Is that correct? What about if its … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,814 satisfied customers
I started to operate a main store in NJ last year and received
I started to operate a main store in NJ last year and received ID (xxx-xxx-xxx/000). And a few months later I opened a second store in NJ under same company name and EIN and received new ID (xxx-xxx-x… read more
Lev
Lev
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Bachelor's Degree Equivalent
35,814 satisfied customers
I am trustee for a Trust that is the beneficiary of an IRA
I am trustee for a Trust that is the beneficiary of an IRA in CA. the Trust identifies 50% to a special needs Trust and 1/3 of the remaining 50% to two sons and me. One son wants the money transferred… read more
Lev
Lev
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Bachelor's Degree Equivalent
35,814 satisfied customers
I have a 1099-R, box 1 12097, box 7 code 1, box 2b is checked
I have a 1099-R, box 1 = 12097, box 7 = code 1, box 2b is checked and total distribution, and IRA simple is checked, and no taxes withheld. Also have a 1099-R, box 1 = 1028, box 7 = code 1, box 2 = 10… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
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Does a beneficiary who lives in Ohio, Missouri, Georgia or
Does a beneficiary who lives in Ohio, Missouri, Georgia or Michigan have to pay estate tax or can s/he get out of paying estate tax from a term life insurance policy?… read more
Merlo
Merlo
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My mother passed away and left behind a 401k and IRA ...
My mother passed away and left behind a 401k and IRA accounts. There are 3 bene''s, all equal shares, and we are not sure on our options - have been told that we need to open an "inherited" IRA and be… read more
Bill
Bill
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How are mutual fund distributions allocated to the ...
How are mutual fund distributions allocated to the beneficiary of a simple trust that is in an IRA?… read more
Bill
Bill
Master's Degree
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how do you figure capital gains on real estate sales in CA
mom just sold house for 535,000.In 1952 she and dad bought it new for 11,500. He died in 1991. the value of the house in 1991 was 260,000. I went to a well known cpa and he worked up the numbers and s… read more
Jon Andrews
Jon Andrews
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