My husband had a traditional IRA that was solely tied to private label stock. The entity of said stock was declared insolvent and closed. His IRA value went to zero and was closed. Thru court filings a restitution payment was ordered paid. Will those restitution funds have to go back to the IRA? Are those funds taxable if they don't go back to the IRA? Does it all depend on how the court issues payment?
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