QUESTION
Can I get my money from an inherited IRA back?
Asked on Aug 19th, 2015 on Taxation - Michigan
More details to this question:
My money was tied up for three years. Do I have a case to take to court? My CPA said I had to pay state tax on an inherited IRA. My new CPA is trying to get the money back for me.
2 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Sounds like you have an malpractice case against your old CPA.
Answered on Aug 21st, 2015 at 10:27 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Generally inherited IRAs are pretax, and therefore are subject to tax upon withdrawal by both federal, state and local authorities. You are not specific regarding which taxes you are seeking to recoup and therefore it is difficult to provide any counsel as to whether or not a lawyer is necessary or even what cause of action you might be speaking of.
Answered on Aug 19th, 2015 at 5:01 PM