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Lou, Tax Preparer
Category: Tax
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Experience:  25+ yrs Experience Personal Income Taxes - Former DM for H&R Block in California
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Do I have to claim a 32,000.00 inheritance on my income ...

Customer Question

Do I have to claim a 32,000.00 inheritance on my income tax? It was from my fathers will.. And was in an IRA but was sent to me as a certified check I'm in NYS.. thanks
Submitted: 6 years ago.
Category: Tax
Expert:  Lou replied 6 years ago.

HelloCustomerand thank you for contacting Just Answer. We appreciate the opportunity to be of service to you.

If it was a 'Traditional IRA" then you will have to report it as income on either line 15 or 16 of your tax return. See the attached link, specifically the section that deals with inherited from someone other than your spouse.

http://www.irs.gov/publications/p590/ch01.html#d0e3324

If it was from a "Roth IRA" then there is no tax liability.

Lou, Tax Preparer
Category: Tax
Satisfied Customers: 404
Experience: 25+ yrs Experience Personal Income Taxes - Former DM for H&R Block in California
Lou and 5 other Tax Specialists are ready to help you
Customer: replied 6 years ago.
I have another question about my question..It is a traditional IRA so what would the percentage be that I would have to pay? Thanks
Expert:  Lou replied 6 years ago.

You must report 100% of the proceeds as income in the year you receive it. It will added to your other income and become part of your gross income (Line22 of 1040). Any adjustments to income, deductions, etc will reduce that income to determine your total tax.

You will pay income tax on the distribution based upon the rate calculated as a result of your tax bracket.

You should havee received a 1099 from the custodian and, based upon what you have told me Box 7 (Distribution Code) of the 1099 should have a "4" in it.

I hope this answers your question.

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Lou
Lou
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25+ yrs Experience Personal Income Taxes - Former DM for H&R Block in California