Do I Have To Claim An Inheritance On My Federal Income Tax ?
Will there be tax due on an inheritance of 250,000.00 received in 2010? Do I have to claim these funds as income on my tax return?
Yes, there's an inheritance tax...which needs to be claimed on your income tax.
My husband inherited $84,000 from his brothers IRA roll over. I took $74,000.00 as a distribution and withheld 10% federal income tax. H&R Block is trying to add that $74,000.00 on as additional income and taxing me again. Is that correct?