I now have a few Beneficiary Roth IRAs. There is no extra fee from the financial institution to close the accounts, but they said to ask a tax advisory about the taxes before I do it. I have several Beneficiary IRAs and annuities now and want to consolidate them a bit. Is there a tax penalty for cashing out a beneficiary Roth IRA left to me by my father? Or is it just taxed at a a higher rate based on my income being higher from that year as a result of the extra money and it is taxed normally?
