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    fangler22's Avatar
    fangler22 Posts: 1, Reputation: 1
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    #1

    May 11, 2007, 06:25 AM
    IRA Usage
    I want to close out an inherited IRA account. How can I close the IRA inheritance as a beneficiary due to death of the owner without having to paying any taxes? I want to purchase first time home.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    May 17, 2007, 02:01 PM
    If you close out the inherited IRA by withdrawing money, you MUST pay state and federal income taxes on the money.

    You are able to roll the money from the decedent's IRA into an IRA for yourself IF the decedent was your spouse.

    If the decedent was NOT your spouse, you CANNOT toll it over and must withdraw the money within a set period, paying the taxes on the withdrawal.
    pricioneradeamor's Avatar
    pricioneradeamor Posts: 3, Reputation: 1
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    #3

    May 17, 2007, 09:25 PM
    You go to IRS.gov and look for the informatiom you need.
    pricioneradeamor's Avatar
    pricioneradeamor Posts: 3, Reputation: 1
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    #4

    May 17, 2007, 09:26 PM
    What is the IRS phone number
    pricioneradeamor's Avatar
    pricioneradeamor Posts: 3, Reputation: 1
    New Member
    		  
    #5

    May 17, 2007, 09:27 PM
    866-255-0654
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