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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: 2 years ago.Category: Tax
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Answered in 3 minutes by:
1/21/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,718
Experience: Taxes, Immigration, Labor Relations
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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.

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Customer reply replied 2 years ago
Ok
Customer reply replied 2 years ago
What do you need
Customer reply replied 2 years 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 reply replied 2 years ago
1-***-***-****. I, just need the question answered
Tax Professional: Lev, Tax Advisor replied 2 years 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.

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Customer reply replied 2 years ago
No phone call just answer my question
Tax Professional: Lev, Tax Advisor replied 2 years 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...

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Tax Professional: Lev, Tax Advisor replied 2 years ago

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

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Tax Professional: Lev, Tax Advisor replied 2 years 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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I appreciate if you take a moment to rate the answer.
Experts are ONLY credited when answers are rated positively.
If you still have any doubts, need clarification - please be sure to ask.
I am here to help you will all tax related issues.

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Lev
Lev
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