Beneficiary IRA income tax in Georgia | Ed Slott and Company, LLC

Beneficiary IRA income tax in Georgia

Hello. A client passed away, and left her IRA's to her nephew in Georgia (age 36). Do you know how distributions will be taxed in Georgia? Thanks.

Probably like ordinary income. There is a retirement income exclusion in GA, however the minimum age for that is 62.  If client has any basis in her IRA from non deductible contributions reported on Form 8606, a pro rated portion of the beneficiary RMDs and other distributions would be non taxable. That data needs to be provided to the nephew if there is inherited basis.

 

Find members of Ed Slott's Elite IRA Advisor GroupSM in your area.
We neither keep nor share your information entered on this form.
 

I agree to the terms and services:

You may review the terms and conditions here.