Hello, My wife's mother passed away in 2018. We inherited some funds and have 3 1099-R forms. Because these are inheritances, do we pay tax on them?
We have 3 1099-R documents from inheritance. The total is 11,115 and we had some income tax withheld before the distribution.
Do I pay taxes on an inherited IRA?
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1 Replies
AlanT
Expert Alumni
Jun 6, 2019 1:19:36 AM
You must report the inherited retirement income as it is taxable income. Whether you pay tax on the inherited retirement income depends on your overall income, deductions, and credits.