afaithfulproposal.com

Just so you know. I have an Inherited IRA and got tax slapped hard. You know why? Because I just assumed I could just take the money and run. That was a huge fail. Do you want to know what I did wrong? I didn’t ask the big and mighty interwebs for advice. You can find advice on any topic for every level of experience on the internet and I ran blind assuming there isn’t anything to know. I should have known better. Everytime money is involved the IRS gets involved, too. And since I just took the money instead of doing things properly I now have a year with a huge amount of taxable income. I could have spread it out, saving me taxes or I could have just rolled the IRA into my own IRA paying NO taxes in the process, but no, now I have to pay full income tax on the money. Sigh.