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patroberts18
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I inherited $30,000 from my mother's Ira. How much tax do I owe.

 
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2 Replies

I inherited $30,000 from my mother's Ira. How much tax do I owe.

If the inherited IRA was kept in an inherited IRA account and the funds were not distributed, you probably shouldn't owe anything.  It's possible that you might have had to take an RMD (Required Minimum Distribution).  The plan's custodian should have informed of that.

If the funds were distributed to you, and you were not 59 1/2 or older, you would owe 10% of the funds distributed.

In ADDITION, the amount of funds distributed would be included in your taxable income.  When combined with your other income and deductions, the tax would be computed on the final amount of taxable income. 

The following is a link to distributions from IRAs, and includes inherited IRAs.

https://www.irs.gov/publications/p590b/ch01.html



**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**

I inherited $30,000 from my mother's Ira. How much tax do I owe.

no question = no reply

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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