Is a withdrawal of money from an inherited IRA taxable income? If so, shouldn't I have received a form from the wealth management company to report it?
I inherited money in an IRA last year and paid the estate taxes. After the estate was settled, I withdrew some of the money from that inherited IRA to pay some debts, and paid taxes on that withdrawal. Is the money I withdrew taxable income? I never received any form from the wealth management company that oversees the IRA to report it to the IRS.
01740
1 Best answer
Uther
Level 3
Jun 5, 2019 10:21:33 PM
If you withdrew funds from an IRA (inherited or not) you should receive a 1099-R form. The withdrawal will be taxable income, but withheld taxes should help reduce the amount due.
Call the payer and ask about a 1099-R.
1 Replies
Uther
Level 3
Jun 5, 2019 10:21:33 PM
If you withdrew funds from an IRA (inherited or not) you should receive a 1099-R form. The withdrawal will be taxable income, but withheld taxes should help reduce the amount due.