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There is no federal tax on inheritances except Trad IRA. Most of the states do not tax inheritances. For your state, check at the state web site. However if you inherit IRA
If a portion of a distribution is taxable to the beneficiaries, the administrator will provide you with a Schedule K-1. A Schedule K-1 is similar to a Form 1099 in that it tells you how much income you have to report on your individual tax return. Income reported on Schedule K-1 is reported on Schedule E, which should be attached to your individual return. Principal received from the estate is not reported on your individual return. |
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