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posted: 11/22/2006 reposted: 2/18/2011 This post has not been recently reviewed or revised by the author and may be out of date.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 asktony@tonynovak.com.
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 www.irarolloveradviser.com for details.
Summary
More resources:
www.irarolloveradviser.com