Jump to content

  • Welcome!

    Register and log in easily with Twitter or Google accounts!

    Or simply create a new Huddle account. 

    Members receive fewer ads , access our dark theme, and the ability to join the discussion!

     

Inherited IRA

Happy Panther

By Happy Panther,
in Huddle Lounge

Recommended Posts

Happy Panther Grand Master

Happy Panther

Posted
Posted

I inherited an IRA. Based on my readings I may have to take yearly distributions over my expected lifetime.

My question is who can tell me exactly what i need to do? As well as what fees, penalties, tax consequences there are. For example i would be taxed on the distribution, however there have been capital losses within the IRA

Tax accountant? CFA? broker?

Thanks!

Link to comment
Share on other sites
g5jamz Newbie

g5jamz

Posted
Posted

Depends on the type of IRA...and are you retired?

Roth IRA...you can take out post retirement and not be taxed...beforehand you're paying bookoo taxes (short term capital gains maybe? not sure).

Regular IRA...you get distributions post retirement but that is taxed.

Either situation if you take money out prior to retirement age...you're going to get hammered.

But I'm no financial person.

Link to comment
Share on other sites
pstall Newbie

pstall

Posted
Posted

Ahh. My old stomping grounds. The company that holds this IRA "should" be able to give you some options.

Maybe a 72T.

I'm a bit rusty as I haven't deal solely with IRA's for about 5 yrs. If you want I can hit up some old contacts at my old brokerage firm and see what they say.

But really, the bank or wherever it's at should give you some ideas.

Link to comment
Share on other sites
pstall Newbie

pstall

Posted
Posted

Its in vanguard. So somebody there should be able to help?

Thanks Pstall

Yeah, Vanguard is a sharp company. If they can't then say I would like to transfer my IRA elsewhere.

This should be easy for them to explain.

I use to know this stuff cold, but I'm in a total dif financial planet now.

Link to comment
Share on other sites
Epistaxis Newbie

Epistaxis

Posted
Posted

That seems odd, and perhaps the rules have changed, but when my Dad passed, my brother and I inherited his IRA 50/50.

My brother, being the grasshopper he is, cashed it out and spent it on himself and his blonde ho-bag du jour.

I still have my half, and it is listed as a rollover IRA. I can't add anything to it, but I can shift funds around in it.

Dunno if that helps.

Link to comment
Share on other sites
pstall Newbie

pstall

Posted
Posted

That seems odd, and perhaps the rules have changed, but when my Dad passed, my brother and I inherited his IRA 50/50.

My brother, being the grasshopper he is, cashed it out and spent it on himself and his blonde ho-bag du jour.

I still have my half, and it is listed as a rollover IRA. I can't add anything to it, but I can shift funds around in it.

Dunno if that helps.

Correct on not adding part. That would mean co mingle. The rules seem to change yearly. IRA's, no matter the type, ALWAYS allow you to move around WITHIN the IRA.

Some firms that are small and don't know anything would make people take a distb when that's not always the case.

I think Happy is looking to take funds out, but wants to do it in a tax minimal fashion. If I'm reading that right.

Or he may think he MUST take out funds.

Calling Vanguard will take care of his questions and then he can send me proceeds on the sly. :D

Link to comment
Share on other sites
Happy Panther Grand Master

Happy Panther

Posted
  • Author
Posted

Ok easy. There is a distribution calculator on Vanguard that will do it for me. I must take out around 1/50th of the fund (i assume I am taxed on this) because the life tables say I have around a 1/50th chance of dying this year.

I have some pretty big capital losses so i could just cash out the whole thing although that would not be minimizing taxes...

Link to comment
Share on other sites
pstall Newbie

pstall

Posted
Posted

Ok easy. There is a distribution calculator on Vanguard that will do it for me. I must take out around 1/50th of the fund (i assume I am taxed on this) because the life tables say I have around a 1/50th chance of dying this year.

I have some pretty big capital losses so i could just cash out the whole thing although that would not be minimizing taxes...

Money coming out is ordinary income. The capital losses are what 3 to 3500 carry over for up to 3 years?

You can add to an IRA to lower some tax hit but that depends on eligibility etc.

Not much to avoid in terms of taxes here. Good luck

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

Go to topic listing

  • PMH4OWPW7JD2TDGWZKTOYL2T3E.jpg

  • Topics

  • Posts

    • CRA
      This Bryce Guy (General BY Discussion in Here)

      By CRA · Posted

      PJ's completion % was 63% when starting games in Carolina.  Which I believe is better than Bryce when starting.  And again, 4-3 as the starter here and the LONE QB Carolina has been able to actually win with in the Tepper era.  If you ask a gambling gunslinger to come into blowouts.....they are going to go down in a blaze of glory.  Which he would do.  Yeah, he isn't good.  And gunslingers are supposed to have rockier stats than checkdown QBs.   So....why does PJ Walker have a better comp % as a starter than Bryce Young.  And for every knock you want to make about PJ, you can find something or a skillset that PJ does better than Bryce.   I didn't say PJ had good field vision.  He doesn't.  Tell me about Bryce after he comes off the first read lol.  Let me repeat, PJ Walker is not a good QB.  He is NFL depth and an in house arm.  Bryce Young doesn't belong in a convo w/ Jake and Cam.  He belongs closer in a convo with the backup caliber QBs Carolina was forced into playing.  Which isn't just PJ Walker.  But Kyle Allen.  Moore.  Guys like that.   
    • strato
      Vet QB Options - Trade/Cut/FA Edition

      By strato · Posted

      Oh I see what you meant by memory. I will trust my memory, I have looked a a lot of those ball charts for Bryce and they trend a general pattern. They thing that has changed that I have noticed more recently is the reduction in the bunching of behind or at  the LOS passes over to his right.  Aside from the quantity of throws recently since the running game has become a more dominant factor. 
    • kungfoodude
      Vet QB Options - Trade/Cut/FA Edition

      By kungfoodude · Posted

      Yes but you basically said you are going from a quick skim of those charts without doing the same for Bryce and/or Andy. So you are going memory vs. snapshots. That's not going to be a very comprehensive analysis.
×
×
  • Create New...