I inherited an IRA from my father in 2017. In 2018, I needed to take a distribution and closed the account. I am receiving further inheritance, not in the form of an IRA, but could I use a portion of this money to put back into an IRA or a previously closed 401k to reduce my taxes in 2018?
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A distribution paid to a non-spouse beneficiary can never be rolled over, i.e., it cannot be returned to a retirement account to avoid taxation.
A distribution paid to a non-spouse beneficiary can never be rolled over, i.e., it cannot be returned to a retirement account to avoid taxation.
You cannot, at this point, repay the IRA distribution to avoid paying taxes on it.
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