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?
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.