Inherited IRA and Roth
Non-spouse beneficiary inherited about $1M. Everything was liquidated into cash and placed into a taxable account by taxpayer since no tax advice was obtained. Anyway to undo all of this since all of it is now taxable?
Non-spouse beneficiary inherited about $1M. Everything was liquidated into cash and placed into a taxable account by taxpayer since no tax advice was obtained. Anyway to undo all of this since all of it is now taxable?
Permalink Submitted by Alan - IRA critic on Mon, 2016-12-12 18:00
Pretty much a tax disaster and there is NO way to fix it. A spouse could have rolled it over or secured an extension of the 60 day rollover period but a non spouse cannot do a 60 day rollover and the IRS cannot grant relief.