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Question

Hello I am inhereting about 30,000 dollars and would like to know what this is going to do to my taxes. I live in MO but my father lived in KS and he is whom Im inhereting this money from.
Thank you
Valerie Miller

Submitted: 67 days and 6 hours ago.
Category: Tax
Value: $15
Status: CLOSED
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I have a brother and a sister and we have to splint everything in thirds and my part comes to about 30,000. We are getting most of this through some kind of buyout he got at the railroad (BNSF). I just found out about this and dont want to claim the $ until I know how much Im going to loose by cashing it out. I need the money though so I dont want to role it over.

Posted by Bill 67 days and 5 hours ago.

Answer

If the funds you are inheriting are being distributed by the executor in accordance with the will and the source of the asset was not from a retirement account, annuity, or other type of asset that generates income in respect of a decedent then there would be no income taxes for you to pay. If the estate was large enough and there were any federal or KS estate taxes due, then these would have either been paid or held back by the executor of the estate from the assets in the estate before distribution to you. If your father died after June 30, 2008 then there would be no KS inheritance tax applicable because it no longer applies.

 

http://www.ksrevenue.org/taxnotices/notice08-01.pdf

 

67 days and 5 hours ago.

Reply

I have the paperwork and its called BNSF Railway Company Pension Plan for Conductors, Trainmen and Yardmen on the Former Eastern and Western Lines. Does this mean it is a retirement account and if it does what kind of taxes go with that please

Posted by Bill 67 days and 5 hours ago.

Info Request

Did you receive the funds directly from the pension plan or from the executor of the estate?

 

Also, I made an error typing the KS inheritance date cutoff. It should have been June 30, 1998. June 30, 2008 was the last date to submit an inheritance tax return if the decedent passed away prior to July 1, 1998.

67 days and 5 hours ago.

Reply

It would come from the pension plan. Watson Wyatt Worldwide

Posted by Bill 67 days and 5 hours ago.

Answer

Then you would be responsible for income taxes on the taxable portion of the pension distribution. If your father had made any after-tax contributions then the portion of the pension representing recovery of after-tax contributions would be tax-free.

 

If you received the distribution this year, then the plan should send you a 1099-R by January 31, 2010 with a breakdown of the taxable and tax-free (if any) amounts. The taxable amount will have to be reported as taxable income on your tax 2009 return.

67 days and 5 hours ago.

Reply

Is there an inheratence tax besides the income tax

Accepted Answer

No there won't be an inheritance tax on the money because your father was a resident of KS and this tax no longer applies (for deaths after 6/30/98).

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Expert: Bill
Pos. Feedback: 99.6 %
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Answered: 9/16/2009

Enrolled Agent

EA, QPA, CHFC, CEBS, CLU - 29 years experience providing financial advice

67 days and 5 hours ago.

Reply

Thank you

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