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Old 03-18-2006, 07:38 PM
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Join Date: Mar 2006
Posts: 4

NJ - CD beneficiary tax

What is the name of your state? New Jersey

Hello, My Uncle, age 80 has 19 CDs. Each one has a beneficiary named. Will the people receiving the money have to pay tax on it?
Ex: 1 person receiving $10,000
1 person receiving $130,000
Will they have to pay, and at what rate as a beneficiary.
Thank you very much for any help.
  #2  
Old 03-18-2006, 08:47 PM
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Join Date: May 2004
Posts: 41,301
Quote:
Originally Posted by moll
What is the name of your state? New Jersey

Hello, My Uncle, age 80 has 19 CDs. Each one has a beneficiary named. Will the people receiving the money have to pay tax on it?
Ex: 1 person receiving $10,000
1 person receiving $130,000
Will they have to pay, and at what rate as a beneficiary.
Thank you very much for any help.
On a federal basis...any taxes due would be due from the estate, rather than the individual beneficiaries...IF there are even any taxes due. State law could be different.
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