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Originally Posted by Gigi3000
When you says tax, do you mean my refund? I had $2600 refund on federal. My total income was $79000, most of which was from an inherited IRA. Is the penalty on the state taxes(Ohio) , cause i had a an underpayment on the Ohio tax for underpayment of school district taxes for $29? Maybe i do need a CPA this year to explain this to me? Wait, tax withheld on federal $15000.
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I am not a CPA nor Tax Preparer other than my own via TurboTax. However I have been researching rules for inheritance for our children. I think that you accurately recognize the need for some help in understanding how to handle inherited IRA and property in another state.
Perhaps someone on this site can suggest a good Tax Preparer/CPA who can simplify the rules and give you a plan and good understanding. Inherited IRA's have rules as to how long you have to distribute the assets depending upon whom the IRA was inherited from and when the transfer occurred. This is too complex and private to be discussed on a public forum.
Perhaps Boomer may have some suggestions.