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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
Experience:  10 years experience
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Do you have to pay 30% to the IRS on money inherited. year

Customer Question

Do you have to pay 30% to the IRS on money inherited. For the year 2014 taxes we paid over 30,000 since this time we received a letter that we would get back $1,042 because there was a error on our taxes that was in Sept but we have not received anything yell ease help!
Submitted: 1 year ago.
Category: Tax
Expert:  Richard replied 1 year ago.

Good morning. My name is ***** ***** I look forward to helping you.

Can you provide me a bit more information? How much money are we talking about? Also, was the inheritance from an IRA, 401k, or other retirement type account? Thanks.