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Yes, you will have to pay taxes. You can take the money lump sum and pay the taxes this year, or you can roll it over into an inherited IRA and pay the taxes as the money is distributed. You will be taxed at your normal marginal tax rate.

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16y ago

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Can you claim your mother on my income tax?

No. My mother would not let me let you claim her on your income tax return. Even if I could claim my mother on my return I would not let you claim her on your return. My mother will be claiming herself on her own return. Nice try though. If you are interested in possibly claiming your own mother on your own return, I would recommend reading the Form 1040 instructions for line 6c, step 4. In a nutshell, if your mother lived with you all year, had minimal income, and you provided over half her support, you may be eligible to claim your mother on your return.


Can you claim mother if her pension is 3800 yearly?

No


How do you write authorization letter for my salary to be claim by my mother?

To write an authorization letter for your salary to be claimed by your mother, simply address it to the person in charge of distributing the payroll. State that your mother will be picking up your pay, provide your mothers name, your name and a telephone number where you can be reached.


Is a joint savings account considered taxable as part of an estate?

My mother and i have a joint savings account my mother passed away does the money in the account become part of the estate


How much money can your mother give you without you having to pay a tax?

You won't believe this until you check with someone and verity it. If your mother gives you a gift of more than $13,000, your mother owes gift tax on the amount over $13,000, not you. You do not even claim it as income. See link

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Which parent does the mitochondria come from?

Mitochondria is inherited by mother. Every one comes from mother


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Mitochondria are inherited from mother. No from the father


Metronymic and petronymic names?

Patronymic names are names inherited from your father. were as Metronymic names are names inherited form your mother.


Are diseases inherited from the mother or father's side of the family?

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What are the characteristics that calf inherited from its mother?

This question cannot be answered without knowing the characteristics of the mother, father, and calf.