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I had to pay the irs a little over $1200 and a little over $1000 back from Oregon. Much better than the last few years.
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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.
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.
Inheritance is taxed upon disbursement if it comes after death and if the estate is worth over 5 million. This includes properties.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 over 5 million.
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.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.
Had to pay a lot. And I have an accountant. Still did not help.
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.
Mine falls in under the $5mil mark but is in the form of an inherited IRA, so any and all disbursements are taxable income.My inheritance isnt taxed only interest income. Is it in the form of a trust?
Mine falls in under the $5mil mark but is in the form of an inherited IRA, so any and all disbursements are taxable income.