Beneficiary & Roth IRA

[TiBooPo]

What is the name of your state? Michigan

My Aunt (Godmother) passed away in June of this year. She had no will or anything, so my father (her brother) is completely handling her estate. She listed myself as the beneficiary on two of her Roth IRA's. The total for both was about $4600.00. I cashed out the IRA but had no taxes taken out. I am currently in school and pay nearly $600.00 a month in tuition without any student loans. Will the fact that I am paying tuition help me when it comes time to do my taxes? Let me know if any additional info is needed or if I have posted this in the incorrect board. I am just concerned about owing a ton of money come April. Thanks for your time!

 

[last chance]

What is the name of your state? Michigan

My Aunt (Godmother) passed away in June of this year. She had no will or anything, so my father (her brother) is completely handling her estate. She listed myself as the beneficiary on two of her Roth IRA's. The total for both was about $4600.00. I cashed out the IRA but had no taxes taken out. I am currently in school and pay nearly $600.00 a month in tuition without any student loans. Will the fact that I am paying tuition help me when it comes time to do my taxes? Let me know if any additional info is needed or if I have posted this in the incorrect board. I am just concerned about owing a ton of money come April. Thanks for your time!

As long as she held the Roth IRA for at least 5 years, you shouldn' t be accountable for any income taxes. But make sure you double check with your tax professional.