How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask RD Your Own Question
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
Type Your Tax Question Here...
RD is online now
A new question is answered every 9 seconds

In 2008 I received $30,000.00 from the settlement of my fathers

This answer was rated:

In 2008 I received $30,000.00 from the settlement of my father's estate. Is it taxable to the Feds?

IS this distribution from a tax deferred account such as IRA, 401K or annuity?



Customer: replied 8 years ago.
No. The estate was probated and the money came from the final funds available.

These funds are not taxable when you receive it from the Estate. Your estate may issue a K-1 to you if any part of this amount relates to taxable income(this may be the case if the distribution was from the tax deferred account and taxes have not been paid by the estate).




Let me know if you have any question.


Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.



RD and 2 other Tax Specialists are ready to help you