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April 4, 2024
Question

Estate is beneficiary of a IRA. Three family members beneficiary of Estate. How do we take care of the taxes on the distribution?

  • April 4, 2024
  • 1 reply
  • 0 views

My sister's IRA  is not a Roth. Her Estate is beneficiary of the IRA.  3 family members are beneficiaries of the Estate.  The Estate is getting monthly distributions for the next 5 yrs and the beneficiaries of the Estate split the monthly distributions. How do we report the income for tax purposes?  Thank you for any information. 

 

LaurieS

1 reply

April 5, 2024

Seek advice from a local CPA. Otherwise see below:

https://www.irs.gov/publications/p590b#en_US_2023_publink100090418 

Start at Table I chapter 1

What if You Inherit an IRA?

Inherited from someone other than spouse.

 

LaurieSAuthor
April 6, 2024

Thank you.

 

Laurie