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About Glenn D Schnabel
Expertise
I can answer most federal individual income tax questions. I can not provide legal advise.

Experience
I have worked for a CPA firm for over 11 years. I have worked in private as well as government I have recently been running a tax preparation office, mainly focusing on individual income taxes

Organizations
I have been affiliated with managing condo associations and as a member of a coalition to educate condo owners as to their rights and responsibilities.

Education/Credentials
I have my B.S.B.A in Business Administration . Concentration in Accounting I have gone to yearly tax seminars and have tried to keep up with the evolving tax changes

Awards and Honors
Over my years I have received local awards for contributions to worthy organizations.

Past/Present Clients
This, of course remains confidential

You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > IRA penalities

Topic: Tax Law (Questions About Taxes)

Expert: Glenn D Schnabel
Date: 5/13/2008
Subject: IRA penalities

Question
My sisters and I are listed as beneficiaries on my moms IRA, She passed away and we all receive 1/3. Will I have to pay taxes or any penalties for a cash distribution

Answer
If you mom passed away and left you some money, then the money you take out will be subject to tax. The code of 4 is issued by the trustee on form 1099R where the distribution is as a result of death. This is an exception to the 10 penalty. Check with the trustee also.

Hope this is useful.

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