Yesterday, I received a small inheritance check from a relative that passed away in 2008. With the check I received a K1 Tax form(form 1041). Will I need to pay taxes on this inheritance money? The money came from his IRA.
Estate taxes are tricky. Many times the estate pays the taxes before any distributions to beneficiaries are made. In this case, you received a K-1 - which means the estate was set up as a pass-through entity and the tax burden falls to the beneficiary. Translated - you.
You know who and where I am. If you want me to take a look I'll be happy to. No obligations or fees.
ISU fans are the greatest in the world. All they ask for is hope and the belief that we have a chance to win every time we step on the field - Johnny Majors (paraphrased)
All content owned by CycloneFanatic.com - All rights reserved 2005-09. By viewing this website you agree to the Terms of Service, Site Rules and Legal Disclaimer. The words, views, images and opinions expressed or provided by users do not reflect the opinions or views of CycloneFanatic.com or Iowa State University. The names, words, symbols, and graphics representing Iowa State University are trademarks and copyrights of the University protected by the trademark and copyright laws of the United States of America and other countries and are used on this web site under license from the University. Original site design, premise & construction by Jeremy Lind.
Iowa State vs. George Mason (Diamond Head Classic)