I live in OH. I inherited an IRA in 2006. I closed the account out (,000) and asked that they take out the appropriate amount in taxes (so I wouldn’t get hit with owing at tax time and might get money back). They informed me that I had to tell them how much I wanted taken out (what %). I am now hoping I did a good job of overestimating– but am fearful. I had them take out 30%. They then deducted ,500 off the ,000. How did I do? (Gezzz I hate tax time.) Also, does Turbo Tax accept information related to something like this? Or would it be better if I went to a human with tax knowledge ?
This was not a spousal IRA. This was my mothers IRA. My understanding was, due to this, I would not have a penalty for early withdrawl.
I’m 45 (but feel 12 when it comes to this type of thing!)
My taxable income is approx ,000.
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