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Inheritance tax- Ohio estate/california beneficiary

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deckfluf

Junior Member
What is the name of your state (only U.S. law)? ca
I will be inheriting from an Ohio estate. Are there any inheritance/income taxes involved to be paid to either or Ohio and California? The estate taxes have already been paid in Ohio. The amount will be +/- 100k.
Another question- there was also an IRA with named beneficiaries. The IRA was included in the gross estate for taxes. Is this correct? It seems that it's being double taxed as I pay taxes on it when I make any withdrawls.

Happy Thanksgiving even though it's past for you on the east coast :)
 


FlyingRon

Senior Member
The Ohio and possibly Federal estate taxes are the only thing that are due here.
There are no inheritance taxes in Ohio, California or Federally.
 

ShyCat

Senior Member
Another question- there was also an IRA with named beneficiaries. The IRA was included in the gross estate for taxes. Is this correct? It seems that it's being double taxed as I pay taxes on it when I make any withdrawls.

Yes. It's not double taxed: one is estate tax, the other is ordinary income tax. And then when the money is spent, some of it will go to sales tax. Three different taxes. No different than the other money in the estate that was earned and taxed, it's just the order that's different.
 

FlyingRon

Senior Member
I did miss the second part of the question. I can't vouch for Ohio, but there is a provision for crediting the estate tax paid on the IRA distributions in some cases.
 

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