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I have just recieved an inheritance of 11,413.89 will there

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I have just recieved an...
I have just recieved an inheritance of 11,413.89 will there be any washington state tax to pay on that amount? It is my understanding there will be no federal tax on that amount. It is also my understanding that it is not considered income as far as reporting to social security.

I would be interested in having my understandings confirmed and the question answered about whether any WA state tax is required

Thank You
Submitted: 8 years ago.Category: Tax
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Answered in 3 minutes by:
12/2/2009
Tax Professional: JKCPA, CPA replied 8 years ago
JKCPA
JKCPA, CPA
Category: Tax
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Hello gotogo,

 

Was any of the inheritance proceeds from a 401k plan, annuity or an IRA?

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Customer reply replied 8 years ago
No -the money was from cashed in investments
Tax Professional: JKCPA, CPA replied 8 years ago

Hello,

 

Thanks for your question.

 

There is no Washington state inheritance or income taxes, so it is non-taxable for the state. The state estate tax exclusion for 2009 is $2,000,000, so no worries there either.

 

As long as the money was not from a cashed-in traditional IRA or 401k plan (that contained pre-taxable amounts) , it will not be taxable to you on the federal level either. Traditional IRA and 401k plans usually have never had their contributions/earnings taxed or the owner took a tax deduction, so this is why it could be taxable if it were from one of these sources.

 

Hope this helps,

Best regards,

 

 



Edited by JK_CPA on 12/2/2009 at 5:10 PM EST
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