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Financial Planning / Tax Strategies
|Subject: Re: Tax Issues on Inherited Annutiy||Date: 4/27/2013 9:11 AM|
|Author: inparadise||Number: 118497 of 122698|
OK, so I finally figured out what the problem was and it was basically my being brain dead for last year, overwhelmed with all the financial dealings resulting from Dad's passing. Turned out I had received two IRAs AND an annuity, and the 1099R was from the annuity, issued by the same company that also had one of the IRAs. Really wish that we would get 1099rs for everything.
You have to aggregate all of your IRA accounts when calculating the non-taxable part of any distribution.
So given I have traditional IRAs, Roth IRAs and now an inherited IRA, I have to figure out somehow how much of this is taxable? And will that percentage change as I continue to add money to IRAs? The IRS won't just accept our considering the RMDs from the inherited IRA as fully taxable?
really wishing DH had listened when I suggested hiring a tax pro this year
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