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It was my father's retirement account that was taxed and then transferred to us. My sister is currently reporting the income on her taxes.

That's awfully kind of her. You all should be splitting the tax bill.

I don't see any tax implications from taking funds out of the account and transferring it to individual accounts for the three of you. The only impact would be if you sell any securities (stocks, bonds, mutual funds) as a part of that distribution. Any sales would be reportable capital gains or losses.

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