I have an inherited IRA from which a required minimum distribution is taken each year. Is my tax liability the same if I take it as cash or put into my brokerage account?
Not considering any other income, yes. Your tax liability will be accounted for in the same way as if you took the distribution in cash.
For more resources, check out PICPA’s Money & Life Tips, Ask a CPA, or CPA Locator.
Answered by: Richard L. Ward, CPA, is president and CEO of Capital Configuration LLC in Pittsburgh.