Personal Finance and Investing

redstatebluegirl

(12,719 posts) Tue Feb 6, 2018, 01:28 PM Feb 2018

question about an inherited IRA [View all]

My husband inherited part of his Mom's IRA, around $12000. He took the lump sum and now we are doing our taxes. After putting the documents from the company in our turbotax software I found we owed almost $3800. I was surprised. We got 6000 from her checking account as well, we were told by the lawyer we did not need to declare it as income. Why does the IRA fall into the income category, it isn't ours we inherited it?

Sorry, we may need an accountant this year. By the time we are finished there won't be any money left.

18 replies

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question about an inherited IRA [View all] redstatebluegirl Feb 2018 OP

Taxes were never paid on that money Phoenix61 Feb 2018 #1

(unless it's a Roth) lastlib Feb 2018 #11

State cilla4progress Feb 2018 #2

You do need an accountant Xipe Totec Feb 2018 #3

Thanks I get it. redstatebluegirl Feb 2018 #4

Roll it over zipplewrath Feb 2018 #5

CAn we still do that? redstatebluegirl Feb 2018 #6

Yes, but zipplewrath Feb 2018 #15

Don't you need 60 days to roll it over? question everything Feb 2018 #12

I was an executor for an estate PJMcK Feb 2018 #7

I inherited an IRA -- it is vital that it be done right to avoid it all being taxed progree Feb 2018 #8

Be sure to enter the box 7 code correctly and enter the tax withheld Cicada Feb 2018 #9

Thanks we had tax taken out before we took the disbursement. redstatebluegirl Feb 2018 #10

You're not screwed SCantiGOP Feb 2018 #13

If tax was taken then you may not need to pay more question everything Feb 2018 #14

ALRIGHT, ALRIGHT, ALRIGHT!! Lets get a couple things straight! A HERETIC I AM Feb 2018 #16

Thanks, looks right to me progree Feb 2018 #17

You're correct, but with a caveat (edited) A HERETIC I AM Feb 2018 #18