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Liquidate Inherited Traditonal IRA

Is income the only tax or penalty applicable to liquidating an Inherited Traditional IRA same year of death?

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Yes, income tax is the only tax. There is no penalty for retirement withdrawals from an inherited retirement account.

Let me know if that answers your question.

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PhillipB Tax Pro Agent, FreeTaxUSA

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Yes, income tax is the only tax. There is no penalty for retirement withdrawals from an inherited retirement account.

Let me know if that answers your question.

Thanks for using FreeTaxUSA Community

PhillipB Tax Pro Agent, FreeTaxUSA

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