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February 24, 2025
Question

I was the beneficiary of my parents’ IRA. Will I be taxed on the amount I have withdrawn or was it taxed when they made the contributions? I have never filed taxes before

  • February 24, 2025
  • 1 reply
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    1 reply

    February 24, 2025

    It depends.

     

    If it is a Traditional IRA, you'll be taxed when you withdraw the funds.

     

    If it is a Roth IRA, you'll not be taxed.

     

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