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.
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