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.
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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 :-)
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