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I have two questions. For Class D beneficiaries the

I have two questions...

I have two questions. For Class D beneficiaries the Inheritance tax is 15% on the gross estate value under $700,000. The Inheritance tax has been filed and 15% tax paid. If a beneficiary is named to recieve $10,000. in the will when the money is distributed do they get the full $10,000 or do they greceve $8500 which is minus the tax.

Accountant's Assistant: Have you talked to a Greek lawyer about this?

???

Accountant's Assistant: What steps have you taken so far?

The NJ Inheritance Tax hax been filed

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

When is dthe distribution made. After the tax has been filed or after NJ has completed the tax review process.

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Answered in 23 minutes by:
3/27/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,811
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

In NJ, it is the responsibility of the executor of the decedent’s Will to file the Inheritance Tax Return with the State of New Jersey Division of Revenue within 8 months of the decedent’s death, or else the estate may be subjected to additional interest and penalties.

The “payment” of inheritance taxes comes out of the taxable portion of the recipient’s share of the estate.

So the beneficiary will receive $8500 which is minus the 15% inheritance tax.

The distribution to the beneficiary will be made once NJ has completed the tax review process.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Just following up with you to see if you have any other questions. If so, please let me know so I can continue to assist you.

Barbara
Barbara, Enrolled Agent
Category: Tax
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Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Customer reply replied 28 days ago
Thank you for your quick reply.
Is there a section in the tax law that I can reference for the beneficiaries that states the distribution is less the 15%?
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