Closed dad's checking account today.....here is the first thing I am doing with the money.

[gocolts 300]

Have you considered giving him 1k to invest in the stock market? That would be a good lesson for him.

 

Nope. Looks like I already have money in the stock market now, thanks to my parents and their AMAZING saving ability.

It took me almost a whole month to find this money. I finally found it and called them. They said they were wondering where I was and they we sorry about dad's passing.

 

Then, she filled me in on what my parents have done. I just about shtt my pants when they(Investment company) told me how much was in that IRA.

I am still trying to explain to my son why we do not need two houses and 6 vehicles.

[Strike 4,040]

 

Yep. No problems anymore with that, EVER.

 

Now that you have a little money, you should send Nikki a care package.

[NorthernVike 2,080]

 

Nope. Looks like I already have money in the stock market now, thanks to my parents and their AMAZING saving ability.

It took me almost a whole month to find this money. I finally found it and called them. They said they were wondering where I was and they we sorry about dad's passing.

 

Then, she filled me in on what my parents have done. I just about shtt my pants when they(Investment company) told me how much was in that IRA.

I am still trying to explain to my son why we do not need two houses and 6 vehicles.

Make sure you roll that into an ira for yourself or your will be paying a shitton in taxes. You've got one shot at this kind of wealth, don't fock it up.

[gocolts 300]

Make sure you roll that into an ira for yourself or your will be paying a shitton in taxes. You've got one shot at this kind of wealth, don't fock it up.

Which part???

 

The investment company is telling me most of the money is an IRA and that there is more in the stock market. WAY more in the IRA though.

 

I do not even file tax returns since I am disabled. I have a feeling that could change next year now though.

 

I have no clue what I am doing.

 

THANKS for the heads up bro.

[Bier Meister 1,522]

you need a good financial guy and a good tax guy

[gocolts 300]

you need a good financial guy and a good tax guy

 

10-4.

 

I may try and just use the guy dad used.

 

Since dad's checking account was under 50K, they just cut me a check.

 

I have been told though that any account with over 50K will take months for me to get most likely. Have to run an ad in the local paper for like three months in case someone wants to make a claim against my parents for something they never paid off. It should not be much as they paid everything off as they bought it.

[shotsup 832]

 

Now that you have a little money, you should send Nikki a care package.

Mookz already made that joke. HTHs

[Hardcore troubadour 12,813]

you need a good financial guy and a good tax guy

And a pimp

[Bier Meister 1,522]

And a pimp

 

 

or... frbo (avoid the middleman)

[NorthernVike 2,080]

Which part???

 

The investment company is telling me most of the money is an IRA and that there is more in the stock market. WAY more in the IRA though.

 

I do not even file tax returns since I am disabled. I have a feeling that could change next year now though.

 

I have no clue what I am doing.

 

THANKS for the heads up bro.

The IRA is the key. It's never been taxed. Write down your questions for the investment firm, if they can't answer them they can tell you who can. Depending on how much you're getting, don't share that info, you're prolly gonna need to talk to an accountant also.

[gocolts 300]

The IRA is the key. It's never been taxed. Write down your questions for the investment firm, if they can't answer them they can tell you who can. Depending on how much you're getting, don't share that info, you're prolly gonna need to talk to an accountant also.

Well gee wiz. An accountant too??? lol

 

10-4.

 

When you can you get to your IRA without the crazy penalties??? It's not that I am going to need to get into it anytime soon, just wondering what the deal is.

 

Is there like an age or a waiting period or what?? Thanks for all the help bro.

[NorthernVike 2,080]

Well gee wiz. An accountant too??? lol

 

10-4.

 

When you can you get to your IRA without the crazy penalties??? It's not that I am going to need to get into it anytime soon, just wondering what the deal is.

 

Is there like an age or a waiting period or what?? Thanks for all the help bro.

Generally at 59 1/2 you can start withdrawing it without penalty. Still have to pay taxes on it but you can limit your income so you don't pay a higher tax rate.

[gocolts 300]

Generally at 59 1/2 you can start withdrawing it without penalty. Still have to pay taxes on it but you can limit your income so you don't pay a higher taxes rate.

10-4. Cool, thanks bro

[shotsup 832]

PoColts richest dude in Indiana.

[gocolts 300]

PoColts richest dude in Indiana.

 

Not really, but definitely lucky/blessed.

[shotsup 832]

 

Not really, but definitely lucky/blessed.

Good deal bro.

Your old man did you good in the end. I'm sure that was his plan. Enjoy it.

[frank 2,155]

Three words:

 

Big

Baller

Shoes

[gocolts 300]

Three words:

 

Big

Baller

Shoes

 

No thanks. I am going to start some other threads for help though.

[Gepetto 994]

I write jokes for a living, man. See I sit in my hotel at night, I think of something that's funny and then I go get a pen and I write it down. Or if the pen's too far away, I have to convince myself that what I thought of ain't funny.

 

[parrot 789]

Well gee wiz. An accountant too??? lol

 

10-4.

 

When you can you get to your IRA without the crazy penalties??? It's not that I am going to need to get into it anytime soon, just wondering what the deal is.

 

Is there like an age or a waiting period or what?? Thanks for all the help bro.

 

Are you referring to your Dad's IRA still Colts? If you are, I don't believe there are early withdrawal penalties on an inherited IRA.

 

So, like NV says, you will still have to pay income taxes on the distributions but there shouldn't be additional penalties even if you start withdrawing immediately. Went through this a few years ago with my Mom's estate and that's how I recall it.

[Patriotsfatboy1 1,432]

 

Are you referring to your Dad's IRA still Colts? If you are, I don't believe there are early withdrawal penalties on an inherited IRA.

 

So, like NV says, you will still have to pay income taxes on the distributions but there shouldn't be additional penalties even if you start withdrawing immediately. Went through this a few years ago with my Mom's estate and that's how I recall it.

 

Might have to take mandatory distributions as well. My wife has that with one of her mom's IRA's that she inherited.

[parrot 789]

 

Might have to take mandatory distributions as well. My wife has that with one of her mom's IRA's that she inherited.

 

[patweisers44 706]

How long before Gary's garbage ex-wife tries to get back with him and on the gravy train? Obviously, the next plot twist in this backwoods soap opera.

[parrot 789]

How long before Gary's garbage ex-wife tries to get back with him and on the gravy train? Obviously, the next plot twist in this backwoods soap opera.

 

Sh!t, he don't need her. They're going to be beating down the door on the new double-wide.

[NorthernVike 2,080]

One last thing Gary,

 

 

Don't forget to include all of us in your will. TYIA

[frank 2,155]

One last thing Gary,

 

 

Don't forget to include all of us in your will and buy that motorcycle. TYIA

[Kanil 519]

Invest it in your kid's education. He's going to be taking care of you someday. When the time comes, do you want a shitty room in the basement or a guest house?

[gocolts 300]

 

Are you referring to your Dad's IRA still Colts? If you are, I don't believe there are early withdrawal penalties on an inherited IRA.

 

So, like NV says, you will still have to pay income taxes on the distributions but there shouldn't be additional penalties even if you start withdrawing immediately. Went through this a few years ago with my Mom's estate and that's how I recall it.

 

Yes, that is exactly what I am referring to. WOW, that just made my day bro. I thought I would have to pay some crazy penalty if I had to get into that for some reason.

 

I am hoping I will have enough and never need to get that money so I can pass it down to my son.

[gocolts 300]

How long before Gary's garbage ex-wife tries to get back with him and on the gravy train? Obviously, the next plot twist in this backwoods soap opera.

 

HAHA. That kunt did not even call my son after my dad(His grandpa) died. She did send him a PM, but it took over a month after he died to say she was sorry about him losing his grandpa.

 

My ex girlfriend from last year, she is focking with my head now though.

[supermike80 1,308]

 

Might have to take mandatory distributions as well. My wife has that with one of her mom's IRA's that she inherited.

I know with a 401k you're required to take it all within one year after inheriting it.

No penalties but yeah you will be taxed

[Strike 4,040]

 

My ex girlfriend from last year, she is focking with my head now though.

 

Well, at least she's putting out again.

[gocolts 300]

 

Well, at least she's putting out again.