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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29577
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: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year 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 1 year ago.
Ok
Customer: replied 1 year ago.
What do you need
Customer: replied 1 year 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 1 year ago.
1-***-***-****. I, just need the question answered
Expert:  Lev replied 1 year 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 1 year ago.
No phone call just answer my question
Expert:  Lev replied 1 year 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 1 year ago.

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

Expert:  Lev replied 1 year 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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