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  • Jan 6, 2011, 05:38 PM
    Sandamike
    Taxes??
    I have been told my 99 year old father passed away and left an annuity contract to be divided up equally between myself and 10 siblings. WE will be receiving around $39,000.00 each, do I have to pay taxes on this $39,000.00 both in federal and California state?
  • Jan 6, 2011, 07:32 PM
    AtlantaTaxExpert
    There will be no estate or inheritance taxes.

    There MAY be some income taxes, but probably not.

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