Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Taxes (https://www.askmehelpdesk.com/forumdisplay.php?f=320)
-   -   Are you taxed on inheritance of IRA's and CD's if you cash them out (https://www.askmehelpdesk.com/showthread.php?t=458201)

  • Mar 16, 2010, 01:29 PM
    wilhaney
    Are you taxed on inheritance of IRA's and CD's if you cash them out
    Are you taxed on inheritance of IRA's and CD's in Ca or buy the feds if you cash them out
  • Mar 16, 2010, 02:31 PM
    ebaines

    There is no inheritance tax in CA so when you inherit the IRA there is no tax due. However, over time as you make withdrawals from the inherited IRA you pay ordinary income tax on the them (unless it's a Roth).

  • All times are GMT -7. The time now is 12:15 AM.