My daughter in law has inherited (she was named sole beneficiary) a traditional IRA from her mother valued around $80K. She wants to cash it all out. What will be the tax liability for this? She files joint taxes with her husband with total income around $90K. They live in Georgia.
Also with the volatile stock market, would the IRA be valued as of the day her mother past away or when she cashes it in?
Thank you in advance for any advice you can give us.
Also with the volatile stock market, would the IRA be valued as of the day her mother past away or when she cashes it in?
Thank you in advance for any advice you can give us.
