Estate Law
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10/29/2012
Richard, Attorney
Category: Estate Law
Satisfied Customers: 61,235
Experience: 29 years of experience practicing law, including tax and estate planning.
VerifiedWelcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.
Good afternoon. How much was the value of the entire estate?
Thanks. There would be no federal or state inheritance or estate tax. The only tax would be on any untaxed portion of any annuities that were inherited. This would be ordinary income because it would not have been taxed previously.
Thanks so much for the bonus! I appreciate your generosity and the
opportunity to serve you! If I can be of
assistance to you in the future, just look me up and I will be happy to help!
Richard, Attorney
Category: Estate Law
Satisfied Customers: 61,235
Experience: 29 years of experience practicing law, including tax and estate planning.
VerifiedRichard and 87 other Estate Law Specialists are ready to help you
You're welcome...my pleasure.
Unfortunately, you cannot roll the annuity over. There are, however, certain circumstances you can take payments from the annuity over up to 5 years after the year of death and defer the tax liability on the taxable portion until you receive the payments. If you have received the annuity payment already, then it is too late to make the election with the insurance company. You will have to report the income based on the 1099-R sent to you by the annuity company. I'm sorry..I wish I had better news on that!
Thanks so much for the bonus! I appreciate your generosity and the
opportunity to serve you! If I can be of
assistance to you in the future, just look me up and I will be happy to help!
Richard, Attorney
Category: Estate Law
Satisfied Customers: 61,235
Experience: 29 years of experience practicing law, including tax and estate planning.
VerifiedRichard and 87 other Estate Law Specialists are ready to help you
Thomas McJD, Attorney
Category: Estate Law
Satisfied Customers: 6,516
Experience: Wills, Trusts, Probate & other Estate Matters
VerifiedHi, I will be happy to assist you, and it is my goal to make you a very satisfied customer! This may take a few minutes, so thanks for your patience.
The earnings of an annuity are taxed as regular income at the time of withdrawal. To calculate taxes, you must know the original amount and the earnings.
It's further complicated by whether it's a qualified or non-qualified annuity. Distributions/withdrawals from a qualified annuity are fully taxable. Only the earnings portion of a distribution/withdrawal from a non-qualified annuity is taxable.
There really is no way to avoid paying the income tax.
The insurance company will have a record of what was paid in and what was earned. You can request a copy of that record. You will also need to determine how the terms of the annuity contract address distributions (is it all income first and then principal second -- if so, the beginning distributions will all be taxable income).
Thomas McJD, Attorney
Category: Estate Law
Satisfied Customers: 6,516
Experience: Wills, Trusts, Probate & other Estate Matters
VerifiedThomas McJD and 87 other Estate Law Specialists are ready to help you
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).
