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    DADDYUNDICH's Avatar
    DADDYUNDICH Posts: 3, Reputation: 1
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    #1

    Jan 19, 2013, 12:40 PM
    Taxed inheritance income from overseas
    Do I need to pay taxes on taxed money coming in on a monthly base
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Jan 19, 2013, 01:09 PM
    It depends on the nature of the income.

    Salary/wages under Form W-2 have taxes withheld from each paycheck.

    Contractor income has NO money withheld, so you have to make quarterly estimated payments usi.g Form 1040-ES.

    Social Security is not taxable if that is your only income.

    Pensions will normally witjhpld income taxes for both federal and state if you ask them to.
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