Retirement tax questions

Hello shspence,

I wanted to point out some issues I saw in your initial post:

• When your mother inherited your grandmothers IRA, your mother should have began taking RMDs over her single life expectancy, starting in 2012.
• When you inherited it from your mother, you should have continued taking RMDs over the same single life expectancy schedule.
• You said you converted the inherited IRA to your name, I assume you mean that it is still considered a beneficiary IRA and you did not rollover to your individual IRA. A non-spouse beneficiary may not rollover an inherited IRA. If a non-spouse beneficiary somehow does this, it would create a 6% excise tax for every year it remained in your traditional IRA.
• Excise tax would be owed since 2012. Form 5329 can be filed to request waivers, if the deadlines were missed due to reasonable error.

Questions for more information if you actually did a rollover of the inherited IRA to a traditional IRA:

1. When did you rollover the inherited IRA to to your IRA?
2. Did you make traditional and/or Roth IRA contributions for every year, starting with the year of the rollover?
3. Did you receive compensation (such as salary or self-employed income) every year since the rollover? If not, what years did you receive such compensation/income?
4. Did your compensation income exceed the regular IRA contribution limits for each year the excess remained in the IRA?