ddemarino
New Member

Retirement tax questions

So both my mom and I inherited separate annuity accounts from my dad's death (life insurance policies that were annuity accounts).    My mom cashed hers out completely and they withheld the 10% for taxes.  I'm now trying to do her taxes on turbo tax and it's saying that she owes ANOTHER 10% Federal and half that amount to state.  So a total of 20% for Federal.  Is this accurate?