Samuel Adams
Dryer sheet wannabe
- Joined
- Sep 30, 2016
- Messages
- 17
My wife has inherited two IRA's from her mother and father, who both died in 2015. My wife is 65 and I am 67. We are both receiving SS.
Our intent was to transfer the trustee of the IRA to a local bank, and then take distributions either her life time or in 5 years from it. We had hoped to avoid going into the 25% TAX BRACKET and losing another 10%, but we might have to take a hit on the taxes for it the first year.
This morning a sales person at our bank tried to sell us a variable annuity for it, but we declined her wonderful sales pitch.
Since its currently at Vanguard, will it be possible to transfer trusteeship to someone local? Or would that entail taking a full distribution from Vanguard. We had hoped to find a real person to talk to when we needed a distribution.
If that is not possible or would be too messy, then we will continue with Vanguard, and ask for a specific distribution every year for 5 years starting with one before December 31.
We plan to consult with a tax professional to determine exactly how much of distribution we need to take to avoid paying the extra 10%.
Our intent was to transfer the trustee of the IRA to a local bank, and then take distributions either her life time or in 5 years from it. We had hoped to avoid going into the 25% TAX BRACKET and losing another 10%, but we might have to take a hit on the taxes for it the first year.
This morning a sales person at our bank tried to sell us a variable annuity for it, but we declined her wonderful sales pitch.
Since its currently at Vanguard, will it be possible to transfer trusteeship to someone local? Or would that entail taking a full distribution from Vanguard. We had hoped to find a real person to talk to when we needed a distribution.
If that is not possible or would be too messy, then we will continue with Vanguard, and ask for a specific distribution every year for 5 years starting with one before December 31.
We plan to consult with a tax professional to determine exactly how much of distribution we need to take to avoid paying the extra 10%.