- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
macuser_22 "Because is is NOT YOUR deferred comp. You cannot inherit deferred comp and treat it as of it was yours - it is not."
That is why I said, "It's not like it was MY deferred comp account; It was inherited." That was my point exactly, that it is NOT MY deferred comp. If it was, then it would make sense that it should be part of my AGI.
macuser_22 "Why would you think inherited money would not be taxable and add to your AGI? - It will. There is no way for it not to."
When I stated that "I understand that I had to pay the Federal tax," that meant that I understood that I had to pay federal tax.
Inherited income btw is not typically taxed. The only reason this is being taxed is because it is a deferred comp, never having been taxed. I received other parts of my inheritance that do not show up on my taxes at all.
In summary, I feel that I owed the tax, but like the rest of my inheritance, it shouldn't show up on my AGI
I don't feel like my question is being addressed on this platform. I will take it to a CPA.
Thank you all for your time.