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Do you have to pay federal taxes on money you get from an estate?
Wiki User
∙ 11y ago
No. Estate taxes are paid by the estate of the dead person. The person who receives the property or money does not pay the tax.
Were it as easy as that!
Frequently, especially when the inheritance comes from a 401k or other plan, the amount is taxable. There may be an estate tax ( and may not) dependning on the size of the estate, and some taxes mat be a credi against others (like gift taxes against inheritance taxes). There are many taxes involved in any inheritance, estate &/or gift.
On something like a 401 k you would have a beneficiary. In that case the 401 k does not become part of the estate, unless the estate was named beneficiary.
Wiki User
∙ 11y ago
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Do you have to pay taxes on estate money received?
Yes, you will have to pay taxes on any estate money received.
What taxes did members of third estate have to pay?
the members of the third estate had to pay money
How much money does the federal government spend on court taxes?
The federal gov doesn't pay taxes
Does a beneficiary pay federal taxes on money received?
Generally, no
Do you have to pay taxes when you receive money from a life insurance claim?
If you are an individual who receives the life insurance proceeds, you may not have to pay any federal income taxes on the benefits. If the life insurance policy names a trust as beneficiary, the trust may be subject to estate taxes.
Do you have to pay taxes on money inherited from parents estate in va?
This may not apply to Virginia, but you generally do not have to pay tax on money you inherit. The tax has already been paid by the estate. Thus, the Federal Government took its share from the estate and then the state took its share from the estate and what little is left is yours to keep. No additional tax is generally due.
Why did the third estate pay more Taxes?
The Third Estate had to pay 50% of their income tax
Why do people pay federal taxes?
People must pay federal taxes in order to provide funding for Congress, the Supreme Court, and the Presedent and other executives. The need the money in order to pay workers or carry out federal laws. Also, we have to pay state taxes to pay our governer and other local legislatures. So we have to pay both federal and state taxes and if you don't, your in trouble. (:
Does the estate pay taxes?
Estates pay taxes on income and may have to pay inheritance taxes.
Clergy and nobles did not pay these?
Taxes. During the old regime the Clergy (1st estate) and the Nobility (2nd estate) did not have to pay taxes, meaning the bourgeoisie (3rd estate) had to pay all the taxes.
Do you pay estate taxes on property left to you?
Generally the taxes are paid by the estate.
Why do you have to pay Federal Income Tax on an annuity you received after your father's death?
The money you receive from the annuity is income. All income is supposed to be reported and taxes paid on it.It depends upon where that money came from in your fathers estate. If this annuity came from your fathers annuity which was established from IRA or a 401K which had never paid taxes on -then the annuity now needs to pay the taxes.If the annuity came from life insurance then their is no taxes to pay. If the annuity came from prepaid tax money there would be no taxes to pay. etc.
