QUESTION
Do I have to pay taxes on an inherited Annuity or can I rollover into an inherited IRA or pay taxes over time instead of all at once.
Asked on Feb 14th, 2015 on Taxation - Georgia
More details to this question:
Parents passed away in 2014. They had annuities that were divided by 3 children. Company divided $$ and sent check last July 2014. Can I now put this $$ into an inherited IRA or beneficary acct or can I defer the tax payments over a period of years? We were under impression this was a brokerage type acct and not an IRA.
1 ANSWER
4 Awards
It's impossible for me to answer your question without being able to see all the underlying documentation. You should have asked this question before the checks were cut and sent out, too, because sometimes it is too late after that happens. Get a good financial advisor to look at what you have and help you figure out what you can do with it. Best wishes.
Answered on Feb 16th, 2015 at 3:36 AM
This answer is being provided as general information and not as legal advice. No attorney-client relationship is created by this answer.