ira acct taxation

[Taxing Matters]

hi aj,

she is in a real bad mental state, and probably not gonna get better. ss is 1000, the other is 500. hopefully someone can get a poa for her.

Hopefully she's at least competent enough for any POA she signs to be valid.

 

[TrustUser]

yes, that is a concern. we will have to wait and see. but i think she will be able to do so, eventually. whether she is willing, is a different story. my main involvement is as trustee. so i wanted to make sure that i was operating under the correct knowledge, regarding her ira acct.

thanks to everyone for your replies. i feel confident that i have all the understanding i need to effectively do my job.

 

[davew9128]

i dont like this tone used with others. you had better not use it again with me, buddy - i dont tolerate it for a second. either answer the damn question, like the other users have, or your keep your damn mouth shut !!

It was a valid comment about a matter of tax law that makes a salient point. Buddy. Your question implies you have authority to make decisions about the IRA. Your being trustee of the bank accounts doesn't give you any authority over the IRA, it's holdings, or its distribution.

 

[Zigner]

hi quincy, i dont think one person in a hundred would have taken it any differently than i did. if i could tell you bad thing about this site, it would be that several users ask questions in a very combative, accusative nature. i have gotten mad at others doing this before towards other people. other than that, i think you manage or own a very good site. that i am happy to play a small role in.
thank you

I took it differently than you did, as did others here.

 

[TrustUser]

hi quincy, now you understand why i got irritated, and had every right to do so. i asked a question, and got an accusative reply.

and just to set the record straight, the ira is an acct within the credit union. and i actually do have the legal right to make withdrawals. so dave is not correct about his rather dogmatic statement, as i have already talked to the credit union about it. it is best not to put both feet in one's mouth, cuz sometimes it is a bit difficult taking them out again.

and zigner wouldnt stick up for me, if the sky was falling. i wont be back on this thread. i have the info i needed, since others were good enough to simply answer my question, without giving me the third degree

but i will point out again, that the main problem with this site is the few members who constantly judge people's intentions, instead of just answering the questions put forth. or choosing not to answer them at all.

i only post things, when i think i can be of help. if everyone followed this train of thought, we would have an improved community.

 

[Zigner]

hi quincy, now you understand why i got irritated, and had every right to do so. i asked a question, and got an accusative reply.

and just to set the record straight, the ira is an acct within the credit union. and i actually do have the legal right to make withdrawals. so dave is not correct about his rather dogmatic statement, as i have already talked to the credit union about it. it is best not to put both feet in one's mouth, cuz sometimes it is a bit difficult taking them out again.

and zigner wouldnt stick up for me, if the sky was falling. i wont be back on this thread. i have the info i needed, since others were good enough to simply answer my question, without giving me the third degree

but i will point out again, that the main problem with this site is the few members who constantly judge people's intentions, instead of just answering the questions put forth. or choosing not to answer them at all.

i only post things, when i think i can be of help. if everyone followed this train of thought, we would have an improved community.

Who peed on your cornflakes?

 

[davew9128]

and just to set the record straight, the ira is an acct within the credit union. and i actually do have the legal right to make withdrawals.

No you do not. IRA's are custodial retirement accounts not bank accounts, and not subject to normal banking laws. The bank is the custodian NOT you. The only person with authority to make the decisions about the IRA is the account holder OR someone with a valid POA under state law for that person. If by chance the bank is allowing you to do ANYTHING, then shame on them for shirking their fiduciary responsibility.