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Will the IRS levy my mother's bank account for my taxes if my name is on the account for inheretence purposes?
It sounds like your mother has an account with an "in trust for" phrase on the name of the account. She intends for you to inherit the money without that money having to go through the probate court. At least that is how it works in this particular state. Normally, the IRS does not touch that type of account. However, if you owe back taxes and the account contains any money when she dies, they will take it before you get it.
What else can I help you with?
In a Traditional IRA when does a person pay taxes on the money in the account?
Taxes do not become due until money is spent from the account (withdrawn)
What is an escrow account used for?
Escrow account is used to pay the taxes and insurance of the property
What is an account with a financial institution used to pay taxes and insurance called?
An Escrow Account.
Can the State of Minnesota or the IRS take money from a bank account that is not a joint account to pay for a spouse's back taxes if the one who has the account does not owe taxes?
Minnesota is not a community property state, so the answer is generally no. However, if the funds are in the account as a result of a fraudulent conveyance to evade payment of taxes, action could be taken to recover them. Errors do happen, of course. As long as you are married to someone who does not pay their taxes, you do have to worry.
Local taxes account for of school revenues?
23.7%
Do you pay taxes on your checking account?
No, you do not pay taxes on the money in your checking account.
Who is responsible for paying taxes of the deceased?
His estate...which is actually him continued after death for business purposes. I have received a tax levy in my deceased husband old business account from 2004 Am I responsible
What is the main purposes of taxes?
The main purpose of taxes are to get u to help pay the government.
Who pays taxes on a joint account?
Both account holders are responsible for paying taxes on a joint account. Each person's share of the income generated from the account is reported on their individual tax returns.
What term refers too charges made by governments to raise money for public purposes?
taxesCharges made by governments to raise money for public purposes are called taxes. People in the United States have to pay income taxes every year.
Who files taxes on behalf of mothers death at end of year?
The adminstor of her estate.
When in the traditional IRA does a person pay taxes on money in the account?
Taxes do not become due until money is spent from the account (withdrawn)
In a Traditional IRA when does a person pay taxes on the money in the account?
Taxes do not become due until money is spent from the account (withdrawn)
What happens to unused Coverdell funds?
Unused Coverdell funds can be transferred to another eligible family member's account or withdrawn by the beneficiary, but if withdrawn for non-educational purposes, taxes and penalties may apply.
Are property taxes deductible in California?
Yes, property taxes are deductible in California for state income tax purposes.
If your the executor of a will and you find the bank account has Pay upon death on it and it is not the executor who pays taxes on that?
I have been the executor of my mothers money, I pay her nursing home bills with it, she just died and i have 200,000 dollars left, do I have to pay tax on that money.
Do I have to pay taxes on the funds in my checking account?
Yes, you may have to pay taxes on the interest earned from the funds in your checking account, but not on the actual funds themselves.
