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This is probably my last year for a refund, got about $5500 back, have kids and wife to deduct. In January I took the first disbursement from an inheritance so my income for this year went up about 100k. I'm scared to see what happens then but took a precautionary measure and had them withhold the max est tax already. Next year I'll have a better idea.
 
This is probably my last year for a refund, got about $5500 back, have kids and wife to deduct. In January I took the first disbursement from an inheritance so my income for this year went up about 100k. I'm scared to see what happens then but took a precautionary measure and had them withhold the max est tax already. Next year I'll have a better idea.
My inheritance isnt taxed only interest income. Is it in the form of a trust?
 
This is probably my last year for a refund, got about $5500 back, have kids and wife to deduct. In January I took the first disbursement from an inheritance so my income for this year went up about 100k. I'm scared to see what happens then but took a precautionary measure and had them withhold the max est tax already. Next year I'll have a better idea.

My understanding is that inherited money has already been taxed and so you don't have to pay tax on it. UNLESS it is over a certain dollar amount. Like in the millions and if that is the case you really don't give a rip so there is that. I would check with your CPA and ask him or her.
 
My understanding is that inherited money has already been taxed and so you don't have to pay tax on it. UNLESS it is over a certain dollar amount. Like in the millions and if that is the case you really don't give a rip so there is that. I would check with your CPA and ask him or her.
Inheritance is taxed upon disbursement if it comes after death and if the estate is worth over 5 million. This includes properties.
Which is why wealthy families set up trusts beforehand.
 
Right so if the inheritance is less than 5 million then he shouldn't have to pay taxes which is what I said. Unless I am reading your post incorrectly.
You are correct there are some other caveats like if it is in a pre tax 401k. But it should be taxed at time of withdrawl somewhat.
 
Yes, I remember quite clearly when we ran our recall campaign both the democrats and the republicans tried to sabotage our efforts. I have no delusion that one party is better.

No "party is" but voters sadly too often use this as a reason to then do nothing. This is how OR got Kate twice now. A LOT of gun owners either could not be bothered to, or would not vote for her opponents. Said they were "no better". Well I hope they enjoy Kate then, they put her in office twice. There is normally 2 real choices. Have to work to get the least harmful one in. Only thing that changes a politicians behavior is losing.
 
Mine falls in under the $5mil mark but is in the form of an inherited IRA, so any and all disbursements are taxable income.

This is why when I retire and my income goes down dramatically, I will be moving funds from my IRA into my Roth IRA; so that when my daughter inherits my retirement funds (I plan to not touch them - as much as possible - using my SSI instead) she will pay less tax and can pull from the Roth when necessary, while taking the minimum RMD from the traditional IRA.
 

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