topic Re: Is an inheritance taxable? in Retirement tax questions

Is an inheritance taxable?

a-russell — Fri, 07 Jun 2019 23:21:34 GMT

A cash inheritance is not taxable on your federal return....

KiaraE — Fri, 07 Jun 2019 23:21:35 GMT

A cash inheritance is not taxable on your federal return. The IRS doesn't impose an inheritance tax.

Only the distributions from an inherited traditional IRA are taxable, just as they are for non-inherited traditional IRAs. Distributions from an inherited Roth are not taxable unless the Roth was established within the past 5 years.

Only a handful of states (Iowa, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania) have some kind of inheritance tax. Refer to your state's Department of Revenue to see what the requirements are for filing inheritance tax.

https://ttlc.intuit.com/replies/4790205

Re: Is an inheritance taxable?

sagreenlee2 — Mon, 13 Jul 2020 03:49:01 GMT

I received an heritance from my mother through her Prudential annuity. Is it taxable because it was her annuity?

Re: Is an inheritance taxable?

Kneill311 — Fri, 26 Feb 2021 14:28:44 GMT

No.

Re: Is an inheritance taxable?

Kneill311 — Fri, 26 Feb 2021 14:29:17 GMT