Ask Experts Questions for FREE Help !
Ask
    moonbeamrr's Avatar
    moonbeamrr Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Mar 30, 2013, 03:39 PM
    Back taxes
    My father passed away last year and owed backed taxes. He didn't have an estate but he did have a retirement fund. My siblings and I are the beneficiares and was wondering if we have to pay his back taxes?
    cdad's Avatar
    cdad Posts: 12,700, Reputation: 1438
    Internet Research Expert
    		  
    #2

    Mar 30, 2013, 05:56 PM
    Did he owe more then his last tax return? If so the estate is liable for debts before any benefit is paid out.
    moonbeamrr's Avatar
    moonbeamrr Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Mar 30, 2013, 06:00 PM
    Quote Originally Posted by cdad View Post
    Did he owe more then his last tax return? If so the estate is liable for debts before any benefit is paid out.
    There was no estate. Yes I believe he owes more then his last tax return
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Apr 1, 2013, 01:01 PM
    Yes, he DOES have an estate. It is the retirement fund, and you MUST use those assets to settle any past tax bill (federal and state) before YOU can access that money.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Can the IRS keep my back pay for Social Security Disability If I owe back taxes [ 4 Answers ]

I owe back federal taxes of approximately $13,000.00. I have a back payment of approximately $20.000.00 coming from Social Security Disability. How much money will the IRS keep of this money if any, and will they notify me before hand

What form do I file with IRS to take back my taxes they took for back child support [ 7 Answers ]

My ex pays child support sporadicly and never a large amount for three children, he owes 4 years of back child support. This year I received his taxes. Now 2 months later they are telling me he filed a report with IRS that reversed his taxes being given to me and gave his taxes back to him. Now...

Can I claim my brother on my taxes if he owes back taxes [ 1 Answers ]

Can I claim my brother on my taxes if he owes back taxes

How much taxes could I get back [ 1 Answers ]

Head of household single with 2 dependents estimate of how much I would get back, my gross income was 31,000

Back taxes [ 1 Answers ]

My husband owes back taxes. If he dies, who will be responsible for the payment. I own a condo, which he has nothing to do with. These taxes back taxes are his alone.

View more questions Search