What is the name of your state? maine
I was told that it depended on what the distribution code was on the 1099 as to whether my daughter would have to pay taxes on the IRA she inherited. The code was 4-death. She is going to have a professional do her taxes but do you think she will be responsible for the whole amount or are there loopholes, such as having to pay some of the decendent's bills, etc. Thanks-Becks
I was told that it depended on what the distribution code was on the 1099 as to whether my daughter would have to pay taxes on the IRA she inherited. The code was 4-death. She is going to have a professional do her taxes but do you think she will be responsible for the whole amount or are there loopholes, such as having to pay some of the decendent's bills, etc. Thanks-Becks