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I am 62 female who lives on about 20,000 dollars a year s.s.

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and disability. In 2014, i...
I am 62 female who lives on about 20,000 dollars a year s.s. and disability. In 2014, i inherited about $118,000. Why does the IRS say that I owe $22,000?
Submitted: 1 year ago.Category: Tax
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4/3/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,892
Experience: 15years with H & R Block. Divisional leader, Instructor
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HelloThere is no inheritance tax so the $118,000 you received must have been an account that was distributed to you that had the deceased received the distribution , it would have been taxable to them.If an account would have been taxable to the deceased (had they not passed away) then whoever receives the account and takes money out is taxed on that too.Was this some sort of account (IRA, pension, annuity) that you received?If so then that is the reason it was taxable.You are required to click a positive rating if I am to be credited with the response.You have to actively click on a rating and click submit. Smiley Faces or Stars.
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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
Checking to see if you responded about the type of inheritance.
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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,892
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