0
President Obama wants to change the law for estate tax back to pre-bush years? How much can an estate be worth in order for the children not to pay taxes?
==========================
According to current federal law, the federal estate tax exemption is $3,500,000 for someone who dies in 2009. In 2010, there is no limit -- there is no federal estate tax at all for someone who dies in 2010. In 2011 onward, the estate tax exemption is scheduled to drop to $1,000,000.
None of this has anything to do with President Obama. These numbers were all established during the Bush administration.
Each state sets its own estate and inheritance taxes.
Wiki User
∙ 15y ago
Wiki User
∙ 13y agoIt is possible to have some taxable income from an inheritance the source and the type of income that is inherited is what will determine this.
Inherited pension or IRA. If you inherited a pension or an individual retirement arrangement (IRA), you may have to include part of the inherited amount in your income. See Survivors and Beneficiaries in Publication 575, if you inherited a pension. See What If You Inherit an IRA? Use the search box at the IRS.gov web site for Publication 590, if you inherited an IRA.
Expected inheritance. If you sell an interest in an expected inheritance from a living person, include the entire amount you receive in gross income on Form 1040, line 21.
Bequest for services. If you receive cash or other property as a bequest for services you performed while the decedent was alive, the value is taxable compensation.
Go to the IRS.gov web site and use the search box for the above referenced Publications.
Add your answer:
Earn +20 pts
If you inherit money after a ch 7 bankruptcy how much time must pass before I have to pay said money to my creditors?
If your bankruptcy is over....it's over. There is no claim to what ever you get in the future.
How much money will bill gates children inherit?
$56 billion.
HOW much money did john clark gable inherit?
400,000
How much money does a veterinarian need to pay federal taxes?
Depends on the veterinarian's taxable income for the year in question.
Is the income of your teenager taxable?
Whether your teenagers income is taxable depends on how much money the teenager made. Further nformation can be found at the Internal Revenue Service and the sites for each individual state.
If you inherit a roth IRA and a regular IRA - are they taxable?
Distributions from a traditional ("regular") IRA are taxable unless part of the distribution comes from a non-deductible contribution or a rollover of after-tax money. So you will pay tax when you take money out of the IRA, unless you can establish that the deceased person had after-tax money in the IRA. You may want to approach the executor of the estate to see if the tax records of the deceased reflect any after-tax (non-deductible) contributions. If you are concerned with what happens to your own IRA after you die, consider making your tax records available so that your beneficiary can easily find them. Distributions from an inherited Roth IRA are not taxable if the Roth IRA has been in existence for at least 5 years at the time the distribution is taken. If the IRA has not been in existence for 5 years, only distributions of the earnings are taxable. Distributions of contributions are not taxable. And the regular ordering rules apply: Any distributions are considered to have come from contributions before earnings, so even if you inherit a relatively new Roth IRA, you can try to stretch out the distributions so that you take out the earnings after 5 years. Again, you would need tax records of the deceased to determine whether the IRA is at least 5 years old and if it is less than five years old to determine how much is contributions and how much is earnings.
How much money do you have to make you have to file pa taxes?
You can file regardless of how much money you make. In fact you should file if you had any taxes withheld from your salary since that is the only way to get a refund. You probably want to know how much you can make before you *have to* file. The number in PA is astonishingly small. You have to file if you have at least $33 in taxable PA income.
How much can you inherit in oregon without paying taxes on it?
It depends on the will and who is inheriting the money. A spouse can receive the entire estate with no taxes.
How much can a married man earn before paying tax if his wife is not earning?
0$. Section 61 of the IRS Code defines gross income as any accession to wealth. All money earned, in which a person is petter off than they were before, is considered taxable income.
How much can you make at a second job before you have to claim income?
1st penny is taxable. No exemption based on number of jobs or such.
Are IRS tax refunds taxable?
No, you already paid tax on the money you used to pay taxes, you just paid too much of it, and therefore it is not taxed again. State tax refunds, when they are used as a deduction from federal taxable income, gets the opposite result - they are federally taxable<a href="http://www.acalculator.com">.</a>
Over how much taxable income must I have to file a tax return?
How much must I make in taxable income to have to file a return?
