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Spouse took money out of dead spouse IRA

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    Spouse took money out of dead spouse IRA

    A client took all the money out of his dead wife's Ira after she died, how do
    I show it on the tax return and does he have to pay the 10% penalty?

    #2
    Form

    Originally posted by Bobby View Post
    A client took all the money out of his dead wife's Ira after she died, how do
    I show it on the tax return and does he have to pay the 10% penalty?
    What form did he receive in the mail? In what name was the distribution reported?

    Sounds like a silly questions but really it will help you decide where and how to enter it. And the best thing I can do here is help you find the answer as this is something you need to know how to do.

    Dusty

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      #3
      IRA WITHDRAWAL From Deceased Spouse Account.

      The only thing he brought me was 2010 IRA Fair Market Value and 2011 Required Dist and she was not receiving a Dist. It says Date of Death Balance $5917 The was my first time for this and I was wondering if they will send him a 1099 and he has not received it yet.
      He will not have to pay the early withdrawal penalty will he?
      Thanks,
      Bobby

      Comment


        #4
        You've got to ask more questions.
        1. Who was the beneficiary of the IRA? You might assume it was the husband, but might
        not be..
        2. You need to wait for the 1099R form to show up. that will answer all your questions.

        Therefore, can't do the return until then.
        ChEAr$,
        Harlan Lunsford, EA n LA

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