If I inherit $100,000 how much would be left after taxes in MA?
Answer:
Inheritances is generally not included in federal income tax. However, you didn't include the information of where the money came from. If the $100k is part of pension, IRA, estate or trust income or other investment income, then it could be taxable to you.
For more detail check out Page 87 of IRS Publication 17 http://www.irs.gov/pub/irs-pdf/p17.pdf.
The state of MA does not have inheritance tax.
http://www.retirementliving.com/rlstate2.
Best wishes.
You don't pay federal taxes on an inheritance that small. The deceased's estate might have had to pay taxes if it was over $1 million.
I don't know about MA state taxes.
Call a CPA(Certified Public Accountant) in your area for help on that.
Go To: http://www.irs.gov/faqs/faq4-7.html.
You'll most likely end up owing more than you get.
There is never a Federal tax on inheritances. Any tax would be paid by the estate before you inherit anything. If $100,000 is the entire estate, there would be no Federal estate tax due. I couldn't find a reference the inheritance tax on the MA department of revenue site. MA does have an estate tax, but I don't know when it kicks in.
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