I inherited my wife's IRA & rolled it directly into my IRA are the funds considered taxable income?

The amount was $256,000. It was strictly a paperwork transaction at the same broker, I never received funds, but I received a 1099 for the funds showing taxable.

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Answered by Dave Bradley, Investment Manager (Financial Advisor) in North Charleston, SC
In box #7 on the 1099R, what is the code? Should be G or H. If not, contact your broker
https://www.irs.gov/instructions/i1099r/ar02.html#d0e1685
https://www.irs.gov/Retirement-Plans/Traditional-IRAs

Send me a message to discuss. No obligation

It's not what you make, It's what you keep that determines our lifestyle.

| 03.26.16 @ 00:10
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$commenter.renderDisplayableName() — {comment} | 12.09.16 @ 13:39
I agree with Dave. There are multiple scenarios that could have caused you to get the 1099. I'd be happy to discuss with you as well if you'd like another professional opinion (also with no obligation or sales pitch).

Mike Zaino
www.TZGFinancial.com | 03.31.16 @ 01:59
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$commenter.renderDisplayableName() — {comment} | 12.09.16 @ 13:39
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