My father passed away yesterday. He was very old (80) and had been very sick for a very long time, so it was not unexpected. My sister, who had power of attorney, withdrew all the funds from his IRA the day before yesterday. She did this because we'd 'have to pay taxes' and 'figure out the basis' on an inherited IRA. I bit my lip and didn't mention that he'd have to pay taxes on the withdrawl at deceased rates when his final 1040 is filed, and that now the money will be held in probate for gosh knows how long instead of passing immediately to his beneficiaries. OK, the taxes will probably be minimal as he will have little or no income except for this distribution for 2002. We are not talking about a huge sum of money either. Perhaps high four or low five figures.My question is can this money be rolled over despite the fact that he is deceased? I expect not, but still being in the 60 day window I thought perhaps it might be possible. If the answer to this question is no, then obviously there is no need to think about this further. What's done is done.
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