Will I have to pay taxes? Ohio.....

[lisaj68]

I have spent quite a bit of time on the computer this evening looking for this answer. My grandma recently passed and I will be getting a check for about $60k. Does anyone know if I will have to pay fed or state taxes on this money next year?

Thanks,
Lisa

 

[scrapquitler]

I have spent quite a bit of time on the computer this evening looking for this answer. My grandma recently passed and I will be getting a check for about $60k. Does anyone know if I will have to pay fed or state taxes on this money next year?

Thanks,
Lisa

Generally speaking, any inheritance taxes are paid by the estate of the deceased, not the recipient.
http://money.cnn.com/magazines/moneymag/moneymag_archive/1988/10/01/84726/index.htm

 

[runwad]

I live in Ohio and got around that much from my mom when she died and no I didn't have to claim it on taxes. Sorry for your loss.

 

[lisaj68]

Thank you for the information and your condolences. Much appreciated.

 

[tlh0726]

It may depend on where the money is coming from.
DH's mother passed away in jan, we just got forms from her 401K. One of the questions was about withholding taxes and if so what dollar figure or percentage did you want withheld.

You may want to contact the lawyer that is handling the disbursement of the estate.

 

[tlh0726]

Generally speaking, any inheritance taxes are paid by the estate of the deceased, not the recipient.
http://money.cnn.com/magazines/moneymag/moneymag_archive/1988/10/01/84726/index.htm

We have been told that they are 2 types of taxes
Estate taxes are paid by the estate of the deceased.
Inheritance taxes are paid by the heir.

 

[Cheshire Figment]

As far as Federal taxes are concerned there are two possibilities.

If the money is from a tax-deferred retirement plan the money is subject to Income Taxes. If it is from insurance, sale of property, or any non-tax-deferred account it is not subject to Income Taxes.

And, according to the Ohio Taxation Department web site, the Ohio Income Tax laws are in conformity with the Federal Laws, so the comments from the above paragraph apply.

Mike (CPA Retired)

 

[Octoberbabiesrus]

http://www.ohioinsureplan.com/index.php/planning/estate-tax/

 

[lisaj68]

Most of grandma's money was apparently in a "Fidelity Account". (Non-taxed deferred?) Some was in a savings account. My Uncle (her son) is handling the estate in CA. I am in Ohio.