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Is income the only tax or penalty applicable to liquidating an Inherited Traditional IRA same year of death?
I am 64, My father passed in 2020 at the age of 80 and I have inherited his IRA. I know the IRS waived any penalties for not taking RMDs for 2021 and 2022 while they tightened up their guidance on the 10 year rul. Has the penalty been waived again for 2023 for everyone? Some sources say you must take the RMD for 2023 on…
Mom has $10k IRA and is 94. Is it better to redeem the IRA CD and pay the tax at 10% now or wait until her passing an pay it with the estate or pass the IRA on to the inheritants?
Hello, A family member passed and we were left with an inherited IRA and we were just told to ask a tax consultant in regards to taking money out (so it can be taxed appropriately). Not sure where to start though (we have to slowly get it out within the next 10 years) so just wondering if we have to pay a professional to…
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