Accountants and tax attorney's lend me your ears

DallasFanatic · Post by **DallasFanatic** » Tue Oct 09, 2007 2:37 pm

I am going to inherit a gift of my grandfather's trust as a benficiary of an IRA. The IRA is split amongst the grandchildren, and I want to make sure I am aware of all my tax liabilities before deciding if I should roll my portion over into a beneficiary IRA or just take the lump sum now. Any people who have gone through this, or have knowledge in this area, your input would be appreciated.

Thanks in advance.

Imus · Post by **Imus** » Tue Oct 09, 2007 2:43 pm

Why not just spend it all on blow and meth? have a fucking party. Fuck the tax man and your future.

That's what grandpop saved it all for anyway wasn't it?

smackaholic · Post by **smackaholic** » Tue Oct 09, 2007 3:50 pm

I'd consider taking it now then dump it all into tax free munis, before a dem gets elected and decides that you need to cough up 40%.....for the children.

Goober McTuber · Post by **Goober McTuber** » Tue Oct 09, 2007 3:53 pm

Brilliant input from kneejerkaholic.

BSmack · Post by **BSmack** » Tue Oct 09, 2007 3:55 pm

Invest in Euros.

Wolfman · Post by **Wolfman** » Tue Oct 09, 2007 4:07 pm

I'd consider taking it now then dump it all into tax free munis, before a dem gets elected and decides that you need to cough up 40%.....for the children.
true dat

Dinsdale · Post by **Dinsdale** » Tue Oct 09, 2007 4:24 pm

I'm not a tax guy, or anything even vaguely resembling... actually, I'm probably the polar opposite, if you were to ask the IRS for their opinion...

But one of my buddies is going through the same deal.

All secondhand info, and of course you'll be consulting a professional, of course...

But I believe my buddy looked into that, and was told he couldn't transfer the IRA to one of his own, because his mother was 67(or whatever), and the IRA had reached maturity, and was at the point it needed disbursement anyway.

I guess he could have started an IRA with it, but the account he inherited (about $100GRRR) wouldn't be tax free, so I believe he'll be using it to pay principle on a mortgage instead, which works out as a better tax-dodge.

Again, "friend of a guy on a messageboard" story, and it's still in the works(which certainly doesn't appear to be a particularly speedy process).

Goober McTuber · Post by **Goober McTuber** » Tue Oct 09, 2007 6:45 pm

Wolfman wrote:I'd consider taking it now then dump it all into tax free munis, before a dem gets elected and decides that you need to cough up 40%.....for the children.
true dat

From what I can see, they’re already taxable as income. But by all means, continue to hide in the closet from the Democratic bogeyman.

The bad news is that IRS rules for making the most of the tax advantages that come with inherited IRAs -- finalized last summer (during the Bush administration) -- run about 45 pages long and the caveats are as dense as trees in the Black Forest.

http://www.bankrate.com/brm/news/ira/20041006a1.asp

smackaholic · Post by **smackaholic** » Wed Oct 10, 2007 11:20 pm

goober,

are you saying that the dems won't jack the cap gains rate?

if so, you are full of shit.

they will leave tax free munis alone though as they depend on this cash source to fund their boondoggles.

MgoBlue-LightSpecial · Thu Oct 11, 2007 1:52 am

Personally, I would wait until KC Scott chimes in.

Mister Bushice · Post by **Mister Bushice** » Thu Oct 11, 2007 3:32 am

DallasFanatic wrote:I am going to inherit a gift of my grandfather's trust as a benficiary of an IRA. The IRA is split amongst the grandchildren, and I want to make sure I am aware of all my tax liabilities before deciding if I should roll my portion over into a beneficiary IRA or just take the lump sum now. Any people who have gone through this, or have knowledge in this area, your input would be appreciated.

Thanks in advance.

Let me ask you something. Do you trust your wife?

RevLimiter · Post by **RevLimiter** » Thu Oct 11, 2007 3:51 am

MgoBlue-LightSpecial wrote:Personally, I would wait until KC Scott chimes in.

Yeah, because he's just SO trustworthy and all.

BSmack · Post by **BSmack** » Thu Oct 11, 2007 3:57 am

RevLimiter wrote:
MgoBlue-LightSpecial wrote:Personally, I would wait until KC Scott chimes in.
Yeah, because he's just SO trustworthy and all.

Nothing is funnier than a bitter tard exposed. Just accept the fact that Scott has a lifetime supply of 'bode on you thanks to that punk job he ran on you. You are in the pantheon of tards right next to "Crouching Cinder, Shrunken Perk" and Roger the Meltdown's cell phone. Deal with it.

Truman · Post by **Truman** » Thu Oct 11, 2007 4:41 am

Mister Bushice wrote:
DallasFanatic wrote:I am going to inherit a gift of my grandfather's trust as a benficiary of an IRA. The IRA is split amongst the grandchildren, and I want to make sure I am aware of all my tax liabilities before deciding if I should roll my portion over into a beneficiary IRA or just take the lump sum now. Any people who have gone through this, or have knowledge in this area, your input would be appreciated.

Thanks in advance.
Let me ask you something. Do you trust your wife?

Rack the Shawshank reset!

Goober McTuber · Post by **Goober McTuber** » Thu Oct 11, 2007 1:37 pm

smackaholic wrote:goober,

are you saying that the dems won't jack the cap gains rate?

Let's hope so. We have to find some way to pay for Bush's folly.

Dinsdale · Post by **Dinsdale** » Thu Oct 11, 2007 5:27 pm

Since this thread sucks, it's fair game for political sniping...

So, the current knock against the Dems is that they actually want to pay their bills?

Uhm... hello?

Do you people ever feel stupid for supporting the two-party system still? Because you sure fucking should.

T1B

Accountants and tax attorney's lend me your ears

Accountants and tax attorney's lend me your ears

Re: Accountants and tax attorney's lend me your ears

Re: Accountants and tax attorney's lend me your ears