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txjo1424
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Paying extra taxes for inherited annuity and IRA?

I received distributions on an annuity and an IRA from my stepfather, who passed away in December, 2014.  There are 9 of us who received these distributions.  I cashed out my portion, and paid the 10% federal income tax at that time.  I am now filing my taxes via TT, and I find that I am being taxed an additional $573 for these 2 plans.   Can anyone tell me why I am being taxed more now?  I am 55 years old.  Thanks.

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Paying extra taxes for inherited annuity and IRA?

Most likely your income tax rate is above 10%.

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