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If you are the beneficiary of an IRA, taxes must eventually be paid on the proceeds of the IRA. However, depending on your beneficiary status, there can be a lot of flexibility as to when the taxes must be paid.axes Must Be Paid Eventually. An IRA is a tax-deferred account, and Internal Revenue Service (IRS) rules force taxes to be paid on the account eventually. If you choose to withdraw any money from the inherited IRA, that money will be taxable for the year in which you made the withdrawal.
Withdrawals by beneficiaries are not subject to the 10-percent penalty for early withdrawals prior to age 59Â½. The penalty is waived for inherited IRAs.Most IRAs have a designated beneficiary that is an individual, which precludes the need for a probate proceeding. Based on the information you provided, I am not sure why the bank is not being cooperative. I suggest you speak to other officials at the bank or take them to court.he penalty is waived for inherited IRAs. Most IRAs have a designated beneficiary that is an individual, which precludes the need for a probate proceeding. Based on the information you provided, I am not sure why the bank is not being cooperative. I suggest you speak to other officials at the bank or take them to court.