Recently, my wife's parent died and left among other thing an IRA in the amount of ~ $400,000 to be divided between 4 daughters.
My question is about personal tax liabilities. Since this is an IRA and the original holder was > 70.5 years of age we were told the distribution needs to continue. I would like to receive a lump sum but am worried about tax liabilities Federal and NYS. Is there a deduction for a lump sum or anything that can eliminate or reduce the personal inheritance tax? Any suggestions on which tax documents to read?
How about Florida? Anyone can advise us?
Thank you all
Cheers:confused: