SumDay
Thinks s/he gets paid by the post
- Joined
- Aug 9, 2012
- Messages
- 1,862
We're retired, both over 65, and living happily off our SS, small pension, and IRA withdrawals as needed.
My mother in law passed in August and we're just now getting Edward Jones to move on the distribution of her IRA, and "some other account" (the sister-in-law/executor isn't real generous with information).
Today we got the check for the IRA distribution for $4,262.45.
They withheld $473.60
If I just deposit this in my checking account, I'll be taxed on the entire balance, correct?
If I want to roll it into an inherited IRA, I'll have to withdraw all of it within 10 years, correct?
The EJ rep isn't very helpful either. I called to ask him how much of the estate would be taxable because I'm concerned about our own Roth conversions, due to possible IRMAA issues. His reply: "none of it should be taxable and I'm not familiar with IRMAA."
I have a fee only planner, but thought I'd come here to see if anyone has any wisdom to share. Apologies for anything I neglected to mention.
My mother in law passed in August and we're just now getting Edward Jones to move on the distribution of her IRA, and "some other account" (the sister-in-law/executor isn't real generous with information).
Today we got the check for the IRA distribution for $4,262.45.
They withheld $473.60
If I just deposit this in my checking account, I'll be taxed on the entire balance, correct?
If I want to roll it into an inherited IRA, I'll have to withdraw all of it within 10 years, correct?
The EJ rep isn't very helpful either. I called to ask him how much of the estate would be taxable because I'm concerned about our own Roth conversions, due to possible IRMAA issues. His reply: "none of it should be taxable and I'm not familiar with IRMAA."
I have a fee only planner, but thought I'd come here to see if anyone has any wisdom to share. Apologies for anything I neglected to mention.
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