Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (15) | Ignore Thread Prev | Next
Author: inparadise Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 120801  
Subject: Re: Tax Issues on Inherited Annutiy Date: 4/27/2013 9:11 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
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?

IP,

really wishing DH had listened when I suggested hiring a tax pro this year
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (15) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
2013 Feste Award Voting Begins!
Who will win the 2013 Feste Award? Vote now for the Fool that most exemplifies the Fool Community mission of Learning Together!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Tax Strategies

TMFPMarti-Feeling Good
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement