aurora Martinez (31) is filing as a single taxpayer. Aurora was the beneficiary of one of her great-grandmother's traditional IRAs. She passed away during the year and Aurora took a $3,000 total distribution from the account she then used the money to pay down her credit card debt.

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08-12-2022
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aurora Martinez (31) is filing as a single taxpayer. Aurora was the beneficiary of one of her great-grandmother's traditional IRAs. She passed away during the year and Aurora took a $3,000 total distribution from the account she then used the money to pay down her credit card debt.

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nd5905418 nd5905418 · Answer 1 · 2022-12-10T12:40:58+01:00

Aurora Martinez (31) is filing as a single taxpayer. Aurora was the beneficiary of one of her great-grandmother's traditional IRAs. She passed away during the year and Aurora took a $3,000 total distribution from the account she then used the money to pay down her credit card debt. Aurora Martinez (31) is taking money from the Individual Retirement Account(IRA) of her grandmother.

What is an Individual Retirement Account(IRA) ?

Individual Retirement Account(IRA)long-term savings account that individuals with earned income can use to save for the future and enjoy certain tax advantages.

The IRA is designed primarily for self-employed people who do not have access to workplace retirement.

There are annual income limitations that apply to deducting contributions to traditional IRAs and contributing to both IRAs.

Learn more about Individual Retirement Account here:

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