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Just recently inherited money that already had the Pennsylvania

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Inheritance tax paid. My question...
Just recently inherited money that already had the Pennsylvania Inheritance tax paid. My question is.......do I need to claim this inheritance on my Federal and PA State Income tax this year. The amount is less than 100k.
Submitted: 8 years ago.Category: Tax
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Answered in 2 minutes by:
8/4/2009
Tax Professional: RD, Certified Public Accountant (CPA) replied 8 years ago
RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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Is the inheritance from a tax deferred account such as 401K, IRA or annuities?

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Customer reply replied 8 years ago
It is simply a residual cash distribution after all assets were liquidated.
Tax Professional: RD, Certified Public Accountant (CPA) replied 8 years ago

Than, this is not taxable and hence, it is not reportable on your federal income or state income tax return.

 

 

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
RD, Certified Public Accountant (CPA)
Category: Tax
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Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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