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I inherited a deceased husband frommy IRA. When I get out of this can I pay tax at the same rate.?
Year Last, I used some of my IRA and when I filed my taxes on Turbo Tax this year one of the questions, this form inheirted was a deceased spouse. This made me wonder if I used the IRA inheirted I pay taxes on it and if he will differant rates. He also asked what the amount was low. Would this amount at the legacy?
You pay tax your rates, not rate your deceased spouse. The basis of the IRA is after tax money that went into the account. It is different from the basis of the inherited property of others, such as a house. The base of the IRA is probably zero, because it a traditional IRA and it is unlikely that non-deductible contributions were made for her. If the non-deductible contributions were made, Form 8606 would have been included in the statement of income for those years.
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