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Financial Planning / Tax Strategies
|Subject: Tax on inherited IRA||Date: 2/21/2013 4:14 PM|
|Author: RBMunkin||Number: 117832 of 124933|
A pal of mine is freaking out about a 1099-R he got. He inherited an IRA and his understanding is that inheritance is not taxable until you get to mega-amounts, which I believe is true. The amount is $91K.
But he withdrew the money to improve a vacation rental he has. Turbo tax is telling him he owes much bucks for this action. Is this correct even if it's an inherited IRA?
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