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This Web site contains a compilation of more than a thousand consumer finance  columns written by Tony Novak from the 1980s through 2006, updated and reformatted for maximum usefulness today.  New material was added after 2010.

Content is the opinion of the author and does not represent the position of any other person or entity. Information is from sources believed to be reliable but cannot be guaranteed.

The author is paid for product endorsements and has an ownership or other financial interest in the businesses related to the topics covered.

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IRA rollover questions

originally posted: 11/22/2006  reposted: 2/18/2011 This post has not been recently reviewed or revised by the author and may be out of date. If you notice an error or are in doubt, please send a new question by email or ask for an update. Email

Q: I inherited an IRA and part of a 401(k) plan from my mother that used to belong to my father. How do I know if the money is taxable? What options do I have to lower the taxes?

A: The tax treatment is determined primarily by how and when you transfer the money and what tax elections you make for the transfer process. Other factors may also be important, such as your age, the elections made by your parents estates and the treatment of the money while it was owned by your mother. Unfortunately these is no easy answer that can fit into an online response without a complete review of the accounts. There is an inexpensive service that handles all of these tax and account rollover questions for a flat fee of $150. See for details.


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