My dad left a 1,000,000 inheritance (bank accounts) to 5 siblings. He resided in Ohio, I reside in Pennsylvania. I'm trying to estimate what I would receive. Also, after inheritance/estate taxes are paid, do I also pay taxes again on my 2008 federal/state tax forms?

After a brief WEB search I found that inheritance taxes are 26,300 + 7% of 500,000. After dividing by 5 siblings I approximate $188,000. Do I also have to report this on my 2008 taxes or are all taxes considered paid? If I have to report the proceeds how do I calculate how much of the 188K I owe to the federal and state ( I make $105K/year).

Thanks, in advance, for your input.

If the estate of your dad is less that 2 million, there is no estate tax payable.
Also there is no federal tax on inheritance. There may be state tax on inheritance.
Read Your U.S. Tax Return: Tax on Inheritances (http://taxipay.blogspot.com/2008/02/tax-on-inheritances.html)