TaxAudit Blog

Tag: beneficiary

tax written in blocks with money bags in the background

How do you file back taxes for someone who is deceased?

As the person wrapping up your loved one’s financial affairs, you know at the very least you will need to file their final individual income tax return.

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Inheritance on top of money

I just inherited money, do I have to pay taxes on it?

Generally, when you inherit money it is tax-free to you as a beneficiary. However, like so much in tax law, the answer to this question is “it depends.”

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people examining retirement portfolios and graphs

RMD rules for beneficiary IRAs

You inherited a retirement account, and you opted to transfer the assets into a beneficiary or inherited IRA. What now? The “what now” depends on whether RMDs..

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