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Get your taxes done using TurboTax
@jenforcer41 You don't owe tax when you inherit the stock. You might or might not owe tax when you sell the stock.
You usually can't transfer stock from a nonretirement account to an IRA.
If you sold the stock and used the funds for an IRA contribution, click this link for more info on Reporting Sale of Inherited Stock.
Click this link for more info on Reporting IRA Contributions.
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March 1, 2021
2:56 PM