Posted on: 06th Sep, 2010 01:39 pm
I recently inherited an IRA when my mom passed away. It is now a beneficiary IRA in my name. I have elected the option to withdraw the entire balance within 5 years...This is the question...The balance is this account is enough to pay off ALL of my debt. I this a good idea??? I still have a traditional IRA plus a 401K at work. I know that I will not be assessed the 10% penalty and that I will be obligated to pay the taxes on the amount I withdraw....Thanks for the help.
Hi fdxorf,
As far as I can understand, it was your mother's IRA which you are withdrawing. In that case, you won't be liable for the 10% penalty or any other fees. For further information in this regard, you can contact a tax adviser and take his opinion.
Thanks
As far as I can understand, it was your mother's IRA which you are withdrawing. In that case, you won't be liable for the 10% penalty or any other fees. For further information in this regard, you can contact a tax adviser and take his opinion.
Thanks