Cross-posted from r/personalfinance
I just found out that I've inherited 100% of my mom's retirement account (401k rolled into traditional IRA). I'm much older than all my siblings, so I think she just never got around to changing the beneficiaries. Being the awesome person I am, I want to evenly split the money with my siblings.
The group holding the account said that I need to create an inherited IRA, and that it wasn't possible for all of us to create separate ones and have money dispersed evenly.
They also noted that any money that I withdrew would be considered income, even if I immediately gave it to my siblings.
I'm in a higher tax bracket than they are (barely), and I'm fairly close to a large jump into a much higher one.
Does anyone have advice on how to split this without me having to bear the taxation brunt?
Submitted July 16, 2020 at 11:33PM by StCharlesStreetcar https://ift.tt/395YMwm
