Stevewest07
Junior Member
What is the name of your state? Pennsylvania
When my father died a few years ago I inherited 3 small annuities that he had set up and were generating monthly payments to him. I had been told at the time that these payouts were not subject to Federal tax as the combined value of the annuties were well below the threshold for inheritence tax. Is that correct or should I be reporting the payouts as income and paying tax on them?
When my father died a few years ago I inherited 3 small annuities that he had set up and were generating monthly payments to him. I had been told at the time that these payouts were not subject to Federal tax as the combined value of the annuties were well below the threshold for inheritence tax. Is that correct or should I be reporting the payouts as income and paying tax on them?