Do I report an inheritance if taxes were taken out before I received the check ?
yes, you may be entitled to some of it back. if all the taxes you could owe on it were taken, it was done like it would be a weekly check. and if your income is not that big every week, you could be entitled to a good refund
Money should not have been withheld from your inheritance. Inheritances are tax-free to the beneficiary, taxes are apid by the estate.
Expenses after the estate closes may be reported to you on a K-1. These expenses are deductible if you itemize and the first 2% of AGI does not count.
The exception is qualified money, ie inherited IRAs, 401(k)s and other retirement funds and nontaxed gaid from deferred annuities.
You can plan your taxes with inherited IRAs. You are allowed to take the money out of the IRA (causing a taxable event) in three ways: 1.) all in the first year following death, 2.) all over 5 years after death, any year of your choice, and 3.) your life expectancy if the decedent did not start taking required distributions and over the decedents life expectancy (should he have lived) if required distributions began. Use the IRS life expectancy tables.
If you receive a 1099 or other document with withholding from the estate, handle it as you would any other tax document.
by Randy Godwin 7 weeks ago
Another blatant in your face lie from the Commander-in-Chief today as once again, he tells us not believe what we see and hear with our own eyes and ears. After both the Intel Chief and the CIA head reported exactly the opposite of what Trumps has been saying about both Syria and North Korea, Trump...
by sharabling 8 years ago
dropped iphone in the bath. Taken out sim and used a hairdryer on it. Any suggestions?
by dahawth 8 years ago
I just started a new job what do I need to do to get CS taken out of my check
by Apostle Jack 7 years ago
Do you think that the word "Grace" is taken out of context?Grace at the table....the grace of God....unmerited favor...a grace period....elegance ,and ways of personality seem to differ from...the fruits of the spirit, which I think have been misused to mean something different other than...
by StayPos 19 months ago
If you received an unexpected inheritance of one million dollars what would you with the money?Oh and by the way the taxes have already been paid :-)
by andrew savage 5 years ago
I feel that if we truly lived in a free market society taxes would be extremely low, inheritance tax would be non-existent and there would not be a minimum wage law. I feel that taxes and minimum wage laws hurt the economy as they prevent the accumulation and distribution of capital. I feel that...
Copyright © 2019 HubPages Inc. and respective owners. Other product and company names shown may be trademarks of their respective owners. HubPages® is a registered Service Mark of HubPages, Inc. HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.
|HubPages Device ID||This is used to identify particular browsers or devices when the access the service, and is used for security reasons.|
|Login||This is necessary to sign in to the HubPages Service.|
|HubPages Traffic Pixel||This is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.|
|Remarketing Pixels||We may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.|
|Conversion Tracking Pixels||We may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.|