My father has dementia. I’ve recently learned that his POA has depleted his IRA. In addition, no taxes have been filed for the last 5 years and now the IRS wants payment for one of those years. Proposed amount: $9,200.00
Apparently in 2014, his POA withdrew $175,000 and $45,000 in tax was withheld.
The folllowing year $140,000was withdrawn and $60,000 was withheld.
Fast forward to 2019 and POA says there’s no money for his care which he now needs.