Message Font: Serif | Sans-Serif
No. of Recommendations: 0
My mother passed away in March of this year at the age of 74. She had 2 Traditional IRA's, each about $45,000. One was ITF for me and the other for my sister. She was taking required annual distributions (about 10%) already. They are both CD's earning about 6.5%.
The bank is telling us we need to start taking distributions before Dec of this year, an accountant friend tells me he believes we dont have to start until Dec. of NEXT year.
She has an estate tax number, I was wondering if the estate would receive the additional (over 65) tax benefit that my mom did and would we be better off keeping the money in her IRA as long as possible.
Another problem is that one of the CD's matures on 12/18/01 and the other on 2/8/02. I dont want to let them renew at a 2.5 or 3% rate!

Print the post  


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.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! 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.