My daughter passed in February 2016. We closed her checking and saving accounts, and sold her car. We temporally held the proceeds in our savings account until we could used all of the funds to open the 529 College Savings Plan for her nephew.
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The funds were not income to you just a cash inheritance, which is not taxable.
There is no deduction on the Federal return for this but, if your state offers a 529 plan, you will be asked about contributions as you go through your state program and can make your entries there.
My condolences for your loss.
The funds were not income to you just a cash inheritance, which is not taxable.
There is no deduction on the Federal return for this but, if your state offers a 529 plan, you will be asked about contributions as you go through your state program and can make your entries there.
My condolences for your loss.
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