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    Jim615's Avatar
    Jim615 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Dec 18, 2006, 09:17 PM
    Estate taxes
    How much must an estate be worth in California before you have to pay state inheritance tax?
    lrsuth01's Avatar
    lrsuth01 Posts: 3, Reputation: 1
    New Member
    		  
    #2

    Dec 19, 2006, 07:27 AM
    I just inherited my father's IRA account. The bank has sent me a check. What is the tax calculation to use to figure out how much tax I will have to pay in the state of KY for this
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Dec 19, 2006, 02:34 PM
    Jim615:

    The federal estate tax exemption is $1.5M. California probably is in line with that amount, but a call to the California state tax authority can confirm this.

    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.
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