topic Death Beneficiary on a CD in Get your taxes done using TurboTax

Death Beneficiary on a CD

cdeba — Tue, 30 Oct 2018 18:05:02 GMT

I was the beneficiary on a CD. Will I pay taxes on this?

Thank you!

Re: Death Beneficiary on a CD

Carl — Wed, 31 Oct 2018 01:42:33 GMT

No. But you will pay taxes on earnings that have accumulated since the passing of the original owner. This is assuming taxes on the earnings accumulated earnings up to the date of their passing are/were paid on their final return, or estate return before the CD was transferred to you.

Re: Death Beneficiary on a CD

Wmassive — Thu, 05 Mar 2020 00:38:30 GMT

My mother died and I was a beneficiary on her CD. Do I pay taxes on the money I received?