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Income Tax (or any Tax) on Inherited Roth IRA?
Recently my grandmother passed away and left her Roth IRA to me as the beneficiary. My understanding is that because of her age (80) and the fact that her Roth IRA was over 5 years old, that any distribution I take from my recently established Inherited Roth IRA, will be tax-free. Meaning I will not pay any income tax (or otherwise) on any distribution I take. From what I read, if I were to transfer all of the money out, I will receive a 1099-R and that it should indicate inherited Roth IRA and therefore, it will not be used as taxable income when I file my taxes next year. Is this correct?
THANKS!!!!
‎November 13, 2019
12:10 PM