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    Victoria55's Avatar
    Victoria55 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 28, 2011, 11:45 AM
    Trust Funds
    Do you get taxed on money that's been left to you come tax time
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
    Uber Member
    		  
    #2

    Dec 28, 2011, 11:47 AM
    Not unless the government actually owes you any... from tax overpayments.

    They don't run Trust funds.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Dec 28, 2011, 11:54 AM
    Taxes on inheritance are generally paid by the estate. There is also a federal exclusion of 2 million, that most states adopt.
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
    current pert
    		  
    #4

    Dec 28, 2011, 12:16 PM
    Ask the trustee. Someone pays taxes on the income earned on the trust funds. You will get a K1 if you pay it. Otherwise the trust pays it.
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