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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28082
Experience:  Taxes, Immigration, Labor Relations
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How can I reduce taxs on a 76000 Ira inheritance

Customer Question

How can I reduce taxs on a 76000 Ira inheritance
Submitted: 10 months ago.
Category: Tax
Expert:  Lev replied 10 months ago.

We might need to verify how you determine your tax liability and what exactly you receive as inheritance?

That will help to work out any possible deductions to reduce the tax liability.

Customer: replied 10 months ago.
Ok
Customer: replied 10 months ago.
What do you need
Customer: replied 10 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Customer: replied 10 months ago.
1-***-***-****. I, just need the question answered
Expert:  Lev replied 10 months ago.

I am not allowed to contact you outside this site.
The only option to contact over the phone is via additional services.

I will send you an offer - please verify and accept.

Customer: replied 10 months ago.
No phone call just answer my question
Expert:  Lev replied 10 months ago.

That is post from you

Customer

(Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.

after that you posted your phone...
Let me know if you changed your mind...

Expert:  Lev replied 10 months ago.

When you will take distribution from inherited IRA account - distribution will be taxable.

Expert:  Lev replied 10 months ago.

The only way to reduce taxable income is to spread distribution over several years and not take a full distribution in any one single year.
Generally depending on circumstances you have an option to take a distribution within the lifetime Or you may spread distribution over five years.

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