0
Inherited IRAs are treated as an IRA for the beneficiary. This means you are subject to the same penalties and taxes as if the IRA had belonged to you from the start. If you are under 59-1/2 you will pay a penalty on any withdrawls and pay tax as ordinary income. You do not have to take withdrawls until you decide to do so. You can move it to another tax qualified plan and change the name to your name without any taxes. I don't know about Indiana state taxes but normally state taxes use the same format as federal with some exceptions. If you only are asking about Indiana I apologize.
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
If you live in Indiana and buy a car in New York will you have to pay sales tax in Indiana?
You will pay Indiana sales tax (7%).
What is the Sales tax rate lake county Indiana?
The Indiana sales tax rate as of 2012 is 7%.
What type of tax is placed on the value of inherited property?
inheritance
What type of tax is placed on value of inherited property?
inheritance
Do you pay sales tax on labor in Indiana?
NO
What is the purpose of IRAS Singapore?
The purpose of IRAS Singapore is to keep track of people's income tax. IRAS Singapore is the tax authority and they collect taxes and offer tax services to people.
What is the purpose of IRA?
The purpose of IRAS Singapore is to keep track of people's income tax. IRAS Singapore is the tax authority and they collect taxes and offer tax services to people.
What is the difference between a stretch IRA and an inherited IRA?
A stretch IRA is a strategy that allows beneficiaries to "stretch" the distributions from an inherited IRA over their life expectancy to minimize taxes, while an inherited IRA refers to an IRA that is inherited by a beneficiary upon the death of the original account holder. Inherited IRAs must be taken as distributions and cannot be contributed to, unlike traditional IRAs.
Where is there information on no fee IRAs?
Individual Retirement Accounts (IRAs) IRAs are designed for retirement savings and offer certain tax advantages over other kinds of investment accounts. Fidelity IRAs offer you 24/7* access to professionals who can help you choose your account and investments.
What's the difference between a tradition IRA and a Roth IRA?
An IRA has tax-deductible contributions, a Roth IRA does not. IRAs have age requirements (or else you face a penalty), Roth IRAs do not. IRAs are open to every income level, Roth IRAs require household income to be under $150,000.
Do you need to register a gun you inherited in Indiana?
There is no registration of ordinary Title I firearms in Indiana.
Roth IRA Basics?
Roth IRA may be a term you’ve heard, but you may not know exactly what a Roth IRA is. The Roth IRA is named after its main sponsor, Sen. William Roth. It was created an alternative to other retirement planning options and may be the most advantageous option for middle income earners due to its potential for tax-free growth and tax-exempt earnings. While similar to a traditional IRA, there are some key differences investors should be aware of. Investments outside any IRA plan are essentially taxed twice. Your original earnings are taxed before being invested plus your gains are taxed when you sell. IRAs provide a tax break at either the front or back end. Traditional IRAs provide the tax break on the front end. Contributions are pre-tax dollars which reduce your taxable income at the time of the contribution, your money grows tax-free while invested in a traditional IRA, but your earnings are taxed when you take distributions from your IRA. Roth IRAs provide the tax break at the back end. Your contributions are not tax deductible, so there is not reduction of your taxable income up front; your money grows tax free while invested; plus you pay no tax at on your earnings when you begin taking distributions. Some of the other key aspects of Roth IRAs include the following: •All IRAs have restrictions on income: one limit to be able to receive the full benefit of the IRA and another limit to be able to receive a partial benefit from contributing. The income limits for Roth IRAs are higher than those for Traditional IRAs. •Traditional IRAs require mandatory distributions beginning at age 70.5. Roth IRAs have no mandatory distribution age. •Direct contributions to Roth IRAs may be withdrawn tax free at any time. This is not true for Traditional IRAs. •Earnings on Roth IRAs may be withdrawn tax free provided the qualifications of being at least 59 ½ and the seasoning period of five years have been met. •Roth IRAs include a provision for a tax-free $10,000 maximum lifetime earnings withdrawal for the purchase of a principal residence for a first-time home buyer. •In general, Roth IRAs have fewer requirements and restrictions regarding wit
You live in Texas If you buy a new vehicle from an Indiana dealership do you have to pay the tax in Indiana?
You pay the Indiana sale tax (7%).
If you live in Indiana and buy a car in New York will you have to pay sales tax in Indiana?
You will pay Indiana sales tax (7%).
Do you pay tax on sale of deceased mothers house?
That depends on a couple things: what taxes do you mean? estate or property taxes? Most states have property taxes, which must be paid regardless of the status of the owner. In 2010, the estate tax was repealed. So, no taxes should be due on the home to transfer it to your mother's heir(s). IRAs in an estate would be handled differently, since the income is tax deferred. Complicating things slightly: if you inherited the house but didn't sell it immediately, you would have to pay a capital gains tax on the increase in the value of the house. Your "basis" in the house would be its value at the time you inherited it; you subtract that from what you sold it for, and pay tax on the difference. If you inherited it 15 years ago, that could be substantial.
Can you claim a Hope Tax Credit for education purpose if you don't have a IRA?
Hope tax credits and IRAs have nothing to do with each other. So the answer is yes.
What is the Sales tax rate lake county Indiana?
The Indiana sales tax rate as of 2012 is 7%.
