☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jan 23, 2025 8:13:29 AM

Do I report drop deposit1099 when principle was from inheritance?

I inherited a trust account. I put $150,000 of the inheritance in a CD. The bank has listed my return as $5,191.15, but the CD maturity will not come until the next year. Do I have to report this income which has not happened?

0 1 895
1 Replies
Expert Alumni
Jan 23, 2025 8:20:33 AM

Yes, accrued interest on your CD is taxable and you have to report that form 1099-INT on your tax return.

 

Inherited money is not taxable, but income derived from the inherited money is taxable.