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Taxes and Penalties for a Beneficary IRA

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  • 08-31-2006, 02:20 PM
    HERRIN
    Taxes and Penalties for a Beneficary IRA
    Arkansas.

    My Mother passed away 2 years ago and left an IRA to be divided amoung 3 children. I kept my portion as an beneficary IRA and took two mandatory withdrawls. Today I closed out the account and am using the money to pay debt. Will I have to pay an early withdrawl penality because I am under 59 1/2 or am i exempt because this is a beneficary IRA ? My Mom had begun receiving distrubtions from her account prior to her death. My understanding was that I would have to pay taxes as I would on income, but no penality since this is not "my" IRA.

    Thank you
  • 08-31-2006, 03:35 PM
    Mr. Knowitall
    Re: Taxes and Penalties for a Beneficary IRA
    There should not be penalties on withdrawals from an inherited IRA.
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