Bankruptcy client informs me that after death of parents he was left with about 300K
in IRAs. Apparently, company (can’t recall name) was making monthly or
so distributions over the course of a few years from these accounts
and taxes were not being payed by them. 2004, 2005, and 2006 taxes
were not filed until around June of 2009. IRS finally catches up to
him about 2.5 years ago when he moved to VA and he apprently owes 75K
and 29K in penalties. No assets other than a couple of old cars. He is
on unemployment and wife making 39K/year. They are running a negative
each month when accounting for all their expenses.
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