$58,000 from his savings account. Do I owe taxes on it for Florida or to the Feds? Help!!

[Chief131A]

My father died in June 2014.  In February 2015, I received appr. $58,000 from his savings account.  This money was not part of his estate because he had me as the beneficiary to the specific account.  The bank transferred the money to my checking account and that was that.  I am fairly sure I owe taxes on this money, but not completely sure to fed, state or how to claim it.  Perhaps I don't owe any taxes on this money, other than the interest made since acquiring it.  Help!! 

[VolvoGirl]

If it was in a regular bank account you do not report it.  Only if it was in a retirement account or IRA.  You will get a 1099R for retirement distributions.  You do have to report any interest you got after you got the  58,000.

[Chief131A]

Wow.  I am surprised.  I figured I had to pay taxes on it through Florida or Fed.  Yes, it was a regular bank account.  That is some good news.

[Opus 17]

Generally, money you inherit is never taxable income to you, unless it was from an account that was not taxed when it was deposited (like an IRA).  However, earnings on the money after it was yours should be taxable -- you should receive a 1098 form for any interest the money earned after the date of his death in Feb 2014, since that is now your income as well.