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    wilhaney's Avatar
    wilhaney Posts: 4, Reputation: 1
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    #1

    Mar 16, 2010, 01:29 PM
    Are you taxed on inheritance of IRA's and CD's if you cash them out
    Are you taxed on inheritance of IRA's and CD's in Ca or buy the feds if you cash them out
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Mar 16, 2010, 02:31 PM

    There is no inheritance tax in CA so when you inherit the IRA there is no tax due. However, over time as you make withdrawals from the inherited IRA you pay ordinary income tax on the them (unless it's a Roth).
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