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    brysons grandma's Avatar
    brysons grandma Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 4, 2014, 12:44 PM
    If I'm receiving 7,000 from anuity inheritance what % should I have withheld
    I just found out I am receiveing approximately $13,000 from my Nana that died just before Christmas. I was told that $7,000 of that is taxable (anuity?) I was asked what % I wanted withheld for taxes? I am clueless, I asked them to take out whatever the federal amount would be, I also life in California so I know they want their part too. They are unable to give any advice...

    As you can see I am not smarter than a 5th grader.. any suggestions on the % I should have withheld?

    Thank you
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Mar 4, 2014, 01:20 PM
    Did you file your taxes for 2013 yet? If so what was your effective tax rate (how much your fed tax was diivded by your gross income). That would be the amount to be withheld.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Mar 4, 2014, 07:25 PM
    Have them withhold $1,400 for the IRS and $700 for California.
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