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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 15285
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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My father passed and I was named beneficiary on his annuity.

Resolved Question:

My father passed and I was named beneficiary on his annuity. The annuity was created by rolling over an IRA. I was told this will create a tax liability for me. Even though I was the sole beneficiciary I plan in sharing proceeds equally with my 3 siblings. Before I distribute their share, how do I calculate tax liability ?
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.

Megan C :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Megan C :

How are you today?

Megan C :

The tax liability will be tax on the income from the annuity - so what you take out of the annuity is considered income to you in the year you take it out. It is taxed just as any other income you earn. How much tax you pay, depends on how much you take out and what your other income is.

Customer: Any tax implications for my siblings assuming I pay the tax
Megan C :

No, it would be considered a gift from you to them if you paid the tax

Megan C :

If their share is greater than $14,000 you will have to file a gift tax return, but no tax will be due if you have not given away more than $5.2 million during your life.

Customer: I was also named beneficiary on CDs that I will also share with siblings. Assume no tax liability on CD - about $100k
Megan C :

No, there's no tax liability on the CDs except for any interest income you receive.

Megan C :

And, you can transfer shares to your siblings tax free on that as well.

Customer: What is fed tax rate for 2013 for $350k adjusted gross income
Megan C :

are you married or single?

Megan C :

If you're single you will be in the 35% tax bracket, and if you are married you will be in the 33% tax bracket

Customer: Married
Megan C :

You'll be in the 33% tax bracket, but remember our tax brackets are tiered, so you pay 10% on the first $17,850 of income, 15% on the next layer of income and so on and so forth

Megan C :

Your tax bracket is just what the last dollar of earnings is taxed

Megan C :

So, your tax will be less than 33%

Customer: Last question - can you provide tax rate for Ohio
Megan C :

Let me look at that/

Megan C :

You'd be in the 5.92% bracket in OH

Megan C :

Here are the brackets: http://www.tax-brackets.org/ohiotaxtable

Megan C :

Is there anything else I can assist you with today?

Megan C :

If not, will you please rate my response as "excellent" so that I may receive credit for assisting you today

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 15285
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and 3 other Tax Specialists are ready to help you
Expert:  Megan C replied 1 year ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

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Expert:  Megan C replied 1 year ago.
Thanks, XXXXX XXXXX requesting me and working with me today. If you have further questions, please reply below. I see where you dropped out of chat. If no further questions, please rate as "excellent" so that I may receive credit for assisting you today. Thanks again for being a valued JustAnswer.com customer.
Customer: replied 1 year ago.


last last question - can you give me the fed tax rates starting with AGI of $150k going up to $350k. Thanks!

Expert:  Megan C replied 1 year ago.
Glenn,

Thanks for your reply.

CLICK HERE for a listing of tax brackets.

Please let me know if you need anything additional. Thanks again for using JustAnswer.com

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