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groove2life | I'm inhereiting my dad's pension. I live in OH. My dad lived/died in VA. Is this taxable? |
My brother and I as the only heirs to my fathers estate are inheriting it per Virginia law. His estate is made up of mainly his pension which is in the tune of $150,000 which will be split between my brother and I. I am a legal resident of OH. The accountant handling the estate is saying that the pension portion of the estate must be taxed which is a shock to me and due to the way the account has thus far been handled, I am questioning this. Is the pension portion taxable? Would you happen to know how much? |
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PepsiLime
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the $150,000 in the pension is not taxable as far as the estate goes, because the federal estate tax only kicks in when an estate's value is over $2,000,000. The pension income is taxable to you and your brother because pension income is taxable in general. If the pension is divided 50/50, you each will have $75,000 in pension income, which depending on the pension circumstances might be all taxable or partly taxable. |
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ninasgramma
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The accountant is correct. If you inherit money that has never been taxed, you will pay tax on it. If your father were to receive his pension, he would have had to pay taxes on it. If it distributed to you, you will have to pay taxes on it.
In early 2008, you will receive a 1099R showing the distribution and the taxable amount. There should be withholding taken for federal taxes. The amount of tax owed will depend on your tax bracket (and for your brother, his tax bracket).
If it is distributed to you as a lump sum, $75,000 will be added to your other income. Your tax bracket will likely be higher than before. A standard federal withholding amount is 20%, but this may not cover all the taxes you owe.
The State of Ohio will tax all of the pension distribution as well, but your 1099R may not withhold Ohio taxes.
A pension distribution from Virginia that is paid to a resident of Ohio will not be taxed by Virginia.
When you receive the distribution, you can do mock federal and state tax returns for yourself and see how much additional taxes you may owe and set that amount of the distribution aside for taxes. |
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j-man
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You should expect to pay taxes on most of what you inherit. The portion of your father's pension that was contributed by your father may be exempt from taxation.
You will pay Virginia taxes on it. Ohio will give you credit for what you already paid to Virginia. So if Ohio's tax rate is higher than Virginia's, then you will owe Ohio a bit of tax as well. |
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bkwrm006
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I would seek the help of a fee based Financial Planner who is familiar with not only Ohio laws but also Virginia laws. There is a possibility that you could roll over the pension into an IRA for yourself, therefore you would not have to pay taxes on it until you withdraw it. If you are wanting to just take the money, then yes you will have to pay taxes on it. You will have to pay federal and Virginia taxes on it at your father's tax table, but you need to find out if you will also have to pay taxes in Ohio. |
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memememe
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The State of West Virginia does not require the filing of Form 1099-R on pension and annuity income unless there
are state income taxes withheld. If the recipient requests taxes be withheld, the payer should comply with such request
http://www.state.wv.us/taxrev/taxdoc/tsd381.pdf |
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Deliah
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"It is taxable, per Virginia's tax standards since that is where the money was held only if the pension was not taxed when the money was deducted from your fathers checks."
WoW! Does Federal tax mean anything to you? Federal and State taxes are two different tax situations. Depending on the situation PENSIONS are usually, at minimum, funded in part by the employer and the amounts never show up on the paychecks or W-2's! |
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theoutlawmtomsik
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Yes and they should pay the taxes before you get the money that way you don't have to pay the taxes!
I had an inheredence from my grandmother when she passed away and they taxed the inherdence and than gave me a check for the remaining balance, it wasnt from a pension but you can look up tax laws trough the IRS or even call them and ask if your questiong the attorney.
Another shocker he will take his fees out also so the more you make him work the more he will take!
go to IRS.COM |
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Sparkles
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You need to enlist a CPA so that you do not cause an audit by the IRS for not paying the correct tax on the proceeds. You can think you are okay and then receive a letter from the IRS telling you that you will be audited. Do not think they do not know about the money you are receiving. The money is being reported by where the pension is coming from, plus the accountant for the estate has to file forms with the IRS as to how the money was distributed and who got what. I do not understand why this would be a shock. It is considered taxable income to you no matter where it is coming from. |
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