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Retirement tax questions
If his IRA was cashed out and distributed, and you got a 1099-R in your name, then that is taxable income to you. (Because it was inherited, it is not subject to the 10% penalty if you are under age 59-1/2. But it is taxable income since no one paid tax on the money when it was contributed, so all the taxes are paid when it is withdrawn or distributed.)
‎February 26, 2024
8:56 AM