Welcome Guest. Register Now!  

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 11-13-2008, 07:31 PM
Junior Member
Join Date: Nov 2008
Posts: 1
Question IRA withdrawal penalty for account Beneficiary

A loved one passed away 2 years ago and she had 4 separate IRA accounts where her 5 adult children were listed as beneficiaries on each account. With the recent economic situation gripping this country the 5 children wish to cash out all 4 accounts and divide the sum 5 ways. If 1 family wishes to take their share as a lump sum payment, What penalties will they pay if the family total salary is $80k. prior to the IRA account.

Thank You,
M.C. & S.C.

Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
What is the minimum withdrawn out of an individual’s IRA account at Age 70 1/2? TaxGuru IRA/Sep 0 09-09-2008 10:38 PM
Roth IRA – Withdrawal and Penalty lwebinc IRA/Sep 1 07-14-2008 12:22 PM
Does a Trust Account need to file goodgirl49 Filing Requirements 1 04-15-2008 12:39 AM
Can I assign any relative as a beneficiary for a 529 plan? Roberto Education Planning 1 01-18-2008 05:35 PM
How one can avoid the 10% penalty for early withdrawal of funds from an IRA? gimini IRA/Sep 2 04-08-2007 11:36 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning