You'll need to sign in or create an account to connect with an expert.
I think you meant line 43 of form 1040 (not 1040A), which is your taxable income. For Married Filing Jointly, that puts you in the 15% tax bracket. The first $5900 of your distribution will be taxed at 15% (federal). The next $77,200 will be taxed at 25%. The remaining $50,900 will be taxed at 28%. See https://taxfoundation.org/2017-tax-brackets/
Your are not required to take a total distribution in one year. You can spread it out. For details see. https://ttlc.intuit.com/questions/2926769-i-inherited-a-traditional-ira-from-my-dad-when-he-passed-a...
For MD tax rates, see http://taxes.marylandtaxes.com/Individual_Taxes/Individual_Tax_Types/Income_Tax/Tax_Information/
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
kristinw98
Returning Member
aabrilla
New Member
jallynkelley
New Member
mamm304808
New Member
amgh201
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.