Liquidate Inherited Traditonal IRA

surcuyo
surcuyo Member Posts: 4 Newcomer
in IRS News

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

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  • PhillipB
    PhillipB FreeTaxUSA Team Posts: 69
    Answer ✓

    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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