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Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 46194
Experience:  29 years of experience practicing law, including tax and estate planning.
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I inherited a JTWROS account from my mother, how died in 2011.

Customer Question

I inherited a JTWROS account from my mother, how died in 2011. I did not claim the income, roughly $14,000, on my 2011 tax return as I believed this to be part of my non taxable inheritance. I just received a notice from the IRS that I owe approx $3500 in back taxes. Are JTWROS accounts taxable when inherited? I live in Illinios.
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.


Good evening. There are different kinds of taxes. It is important to differentiate income taxes from estate and inheritance taxes. There would have been no estate or inheritance tax due on your inheritance of this account, But, if the account earned income, then this income would be subject to income tax. For example, if the account had $140,000 in principal, there would be no estate or inheritance tax on inheriting this. But, if that account earned interest on the principal of $140,000 equal to $14,000, then that $14,000 is subject to income tax.


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Richard, Attorney
Category: Estate Law
Satisfied Customers: 46194
Experience: 29 years of experience practicing law, including tax and estate planning.
Richard and 6 other Estate Law Specialists are ready to help you
Expert:  Richard replied 1 year ago.
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