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Level 1
Apr 13, 2022 11:58 AM UTC
Question

Claiming inheritance money?

My wife received inheritance money and we were told by an accountant to add to our income.

2 replies

Alumni - Intuit
Apr 13, 2022 12:09 PM UTC

Inherited money is not taxable and is not reported on your tax return.

 

Income derived from the inheritance is taxable, such as interest. Distributions from inherited retirement plans are taxable.

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Alumni - Champ
Apr 13, 2022 12:13 PM UTC

Did she receive a 1099-R or a K-1?