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Reply to "If you are keeping an inheritance separate from marital funds, how do you handle inherited IRA"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]As long as the money goes into an account in your name it’s not commingled. You just pay the taxes on it as income filing jointly - that doesn’t make it a joint asset. You probably will have to pay taxes quarterly though, or check with the broker holding the account about having them withhold enough given your family income. Don’t forget state taxes too, if those apply. You may want to consult with a tax accountant and get some assistance. [/quote] This is not fair to her husband he shouldn’t have to pay taxes on it since he doesn’t get or benefit from the money. OP, keep it separate and contribute from the separate account the difference in the taxes it causes.[/quote] +1 Your accountant can figure this out for you. I’m a PP who inherited an IRA from my dad. He and my stepmother kept everything separate but filed as married jointly because it was cheaper and their accountant figured out who owed what and why.[/quote]
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