I inhereted a small IRA from my mother in 2012. She inadvertantly did not put my 2 brothers names on the account prior to her passing.
.I want to distribute by brother's shares but I am left with the total tax liability.
I am 61 and was layed off on dec 31st of 2012. I am now collecting and figure my income for 2013 will be low. How can I do this fairly so we all bear an equal cost of Liquidation. If I liquidate this year, are there any penalties due to my age?