Inheritance

[Krubi]

I inherited life insurance monies, a regular IRA account, a beneficiary IRA account, and money from my father.  What do I have to report and how do I report each of these?

Kim

[AR_CPA2]

Hello Krubi, 

Life Insurance and any other inherited assets or money is not taxable and not need to be reported, but inherited retirement accounts may be taxable.  You will receive a Form 1099-R for any distributions you take out from the inherited retirement accounts. Depending on your father's age, you may have Required Minimum Distribution requirements.