- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
This definitely constitutes a regular contribution to your own IRA and if you put all $30,000 into an IRA, you certainly have made an excess IRA contribution subject to excess-contribution penalties unless corrected. The distribution made to you and your brother was not eligible for rollover to an inherited IRA even if it had been deposited into an inherited IRA titled as being for you as beneficiary and your father as the original participant and still would have resulted in an excess contribution.
If you made this deposit in 2023 (or in 2024 as a 2023 contribution, which seems unlikely under the circumstances), you have only until October 15, 2024 to obtain a return of the excess contribution (assuming that by April 15, 2024 you either filed your 2023 tax return or requested a filing extension).