IRA beneficiary
How do I handle a closing of an IRA by a beneficiary following death of original owner. No 1099 received...This was 10 years after death
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02/22/11 3:04pm PST
Viewed by asker 03/15/11 2:42pm PDT
Viewed by asker 03/15/11 2:42pm PDT
3 Replies
essjay
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Questions answered: 6129
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Allstar
Advisory council of community power users.
02/22/11 3:15pm PST
The full amount less any basis allowable is taxable.
(allowable basis meaning verifiable contributions that did not result in a tax deduction)
"Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that rnethod which best pays the treasury..." Judge Learned Hand - U S Court of Appeals
rbynaker
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Questions answered: 1116
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Accountant Community AllStar
Advisory council of Accountant community power users.
02/22/11 3:19pm PST
The solution
I would chase down a 1099. If money changed hands you'd better believe it was reported somewhere.
taxguy623
Questions asked: 128
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Questions answered: 2063
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Accountant Community AllStar
Advisory council of Accountant community power users.
02/22/11 3:30pm PST
Latest post
before commenting --would like to know the rest of the story---was this a lost account???? ten years is a long time--IRS can get temperamental at times regarding retirement money that is not withdrawn or moved when it is supposed to be--I'd do some reading to make sure you have yourself and the client covered
If I am busy doing nothing--how do I know when I'm done?????????
