What is the name of your state? NJ
Will class "A" benficiaries have any tax liability from monies received from parent's estate. Is a non-ira annuity interest taxable to the beneficiaries?
Monies have been distributed from insurance policies, bank accounts, an annuity account, stock sold, brockerage account,etc. Two of the beneficiaries live in NJ and two live in Arizona. Value of the estate is under $1,500,000 for federal purposes and under $675,000 for State of NJ. Do we have to treat the distributions as income?
Will class "A" benficiaries have any tax liability from monies received from parent's estate. Is a non-ira annuity interest taxable to the beneficiaries?
Monies have been distributed from insurance policies, bank accounts, an annuity account, stock sold, brockerage account,etc. Two of the beneficiaries live in NJ and two live in Arizona. Value of the estate is under $1,500,000 for federal purposes and under $675,000 for State of NJ. Do we have to treat the distributions as income?
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