Are you taxed on inheritance of IRA's and CD's in Ca or buy the feds if you cash them out
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Are you taxed on inheritance of IRA's and CD's in Ca or buy the feds if you cash them out
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).
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