The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Tax on inherited IRA||Date: 2/21/2013 4:14 PM|
|Author: RBMunkin||Number: 117832 of 121178|
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?
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|