8606 & IRA Federal Tax Witholding
If you opted to have 10% Federal Tax with held from your Non Spouse Beneficiary Traditional IRA RMDs to make sure you paid enough but will be filling out an 8606 for the inherited IRA, does that enable you to get some of that tax back if the decedent from whom you inherited it hadn’t or hadn’t always made deductible contributions? If not, is there another way (standard 1040 etc.) to get some of that 10% tax you had withheld back from those IRA RMDs if you paid more in those taxes than you needed to? Also, you can always take out more than the minimum from Non Spouse Inherited/Beneficiary Traditional IRA RMDs without any problem w/IRS even if you aren’t of age to take them from your own IRA yet, right? Thanks.
Permalink Submitted by Alan - IRA critic on Mon, 2016-11-14 20:46
Permalink Submitted by Cheryl Van Beek on Mon, 2016-11-14 21:17
Your assistance is greatly appreciated. Thank you for the level of detail it is very helpful.