How are lump sum withdrawals taxed by the IRS?
My sister has inherited an IRA (not ROTH IRA).
She wants to use her option of withdrawing the entire amount and paying taxes on it on her 2009 return.
How is this taxed?
Is it taxed at the regular capital gains rate?
Why is it taxed at all, if it falls under the 0,000 thresh-hold of non taxable inheritance?
on 600,000, I meant the first 600,000 of an estate is tax free to the beneficiaries.
I qualify for foreign earned income exclusion. This shows as a negative on income on the tax form. If I convert a traditional IRA to a Roth IRA, the IRS will withhold some taxes. Since my income is negative, can I get these taxes back at the end of the year? Alternatively, can my negative income offset capital gain taxes?
Using the Turbotax program, it takes the value from form 2555, and places it as a negative number in form 1040. Reading the instructions from form 2555, it says to place the value in parenthesis which indicates a negative, correct?
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