2007-04-02 10:11:01 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Anthony is right........I don't care how many people give him a thumbs down.....
2007-04-02 10:27:25 · answer #1 · answered by professorc 7 · 0⤊ 4⤋
The pension was not taxable except for any amount your father added pre-tax. If he put money into the pension and got a tax break for doing so , if the money he put in was taken out of his pay before he paid tax on it, then that portion is taxable. But any other amount is not taxable to you.
If you are talking about an IRA, not a pension, then it's the same thing, any pre-tax dollars he contributed is taxable to the person that inherits it.
If there was a final return filed, or an estate,, usually they would distribute the money to heirs and they will pay taxes on the money themselves.
2007-04-02 17:49:04 · answer #2 · answered by Jo Blo 6 · 0⤊ 3⤋
Are you sure your not confusing ESTATE tax with INCOME tax. Or maybe tax WITHHOLDING with actual tax due?
BTW: The fist two answers are wrong.
2007-04-02 19:36:29 · answer #3 · answered by STEVEN F 7 · 1⤊ 0⤋
His estate paid the 20% taxes. You received the remainder as income to you; thus it is taxable.
2007-04-02 17:14:11 · answer #4 · answered by Still reading 6 · 2⤊ 6⤋