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Retirement tax questions
You used cash from the (generally taxable) distribution from the inherited IRA to make a regular contribution to your own IRA, subject to annual contribution limits.
The only way that this could have been an inherited IRA is if the money was moved by non-reportable trustee-to-trustee transfer, meaning that the check would have had to have been made out to a receiving inherited IRA for your benefit, not to you personally. The titling of an inherited IRA for your benefit would have had both your name as the one for whom the account is maintained and your father's name as the original participant.
October 3, 2024
3:36 PM
5,458 Views