Ask Experts Questions for FREE Help !
Ask
    lrsuth01's Avatar
    lrsuth01 Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Dec 19, 2006, 10:11 AM
    Tax Question
    If you inherit funds that is in an IRA and the bank sends you a check how do you know how much tax you have to pay on the funds you received?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Dec 19, 2006, 02:35 PM
    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.
    lrsuth01's Avatar
    lrsuth01 Posts: 3, Reputation: 1
    New Member
    		  
    #3

    Dec 20, 2006, 05:48 AM
    It helps somewhat. The amount of the check was $10,444 so can you give me an approximate amount on how much IRS will take?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Dec 20, 2006, 10:27 AM
    Again, I need to know how much your OTHER income is before I can give you any information on how much will be taken for taxes.
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!

NY Tax Question [ 1 Answers ]

I have a minor son who did modeling in NY, he has 5 w2's all together and only one of them has NY listed in box 15, for state, the rest have NJ state ID's. Do I have to file NY tax papers for him, because the amount on that W2 in box 17 for State income tax is only 4.00. Or do I have to file all 5...

Tax Question [ 5 Answers ]

Dear AtlantaTaxExpert, I came to the State in 2002 August on F2 Visa; I then changed to H4 Visa in Nov,2002 (because my wife switched from F1->H1 at the same time frame). Later I changed to F1 Visa in Jan. 2004 when myself became a graduate student here. I worked since April 2005 on F1 OPT,...

F1 to J1 tax question [ 10 Answers ]

Hi there.. Profusely thank the forum for the assistance. I changed my visa status from F1 to J1 in June of 2005. I was in F1 status from 2002 to 2005 June. I was employed through the year. My total income on F1 status was 18,000 and on J1 status was 17,500. I have filed 1040NR-EZ forms from...

Tax question [ 3 Answers ]

Hi, I've a question. I came to state on 12/8/2001 and last Oct (2005) started my OPT. And from this Jan, I am charged medicare... etc... I worked at school... my employer said I am no longer NRA... since it's more than 5 years... I am wondering if this is correct... is there any regulation...

F1 to GC tax question [ 5 Answers ]

Please advice: 1. year 2003 : Status F1 - filled - 1040 NR EZ 2. Year 2004 : Jan 01 2004 - sept 07 2004 - F1 : Sept 08 2004 - status changed to Permanent Resident. Nationality : Indian Due to too many complications in Dual status filing, I would like to opt to file as...

View more questions Search