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  • Dec 19, 2006, 10:11 AM
    lrsuth01
    Tax Question
    If you inherit funds that is in an IRA and the bank sends you a check how do you know how much tax you have to pay on the funds you received?
  • Dec 19, 2006, 02:35 PM
    AtlantaTaxExpert
    Irsuth01:

    Exactly how much tax you have to pay the IRS and the state of Kentucky cannot be determined based on the information provided. For the IRS, it will be determined as part of your overall income picture for 2006. The same probably applies for Kentucky.

    The good news is that you do NOT have to pay the 10% Early Withdrawal Penalty.
  • Dec 20, 2006, 05:48 AM
    lrsuth01
    It helps somewhat. The amount of the check was $10,444 so can you give me an approximate amount on how much IRS will take?
  • Dec 20, 2006, 10:27 AM
    AtlantaTaxExpert
    Again, I need to know how much your OTHER income is before I can give you any information on how much will be taken for taxes.

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