cls asked:
As beneficiaries of an annuity listed under a family trust, is this money taxable by the IRS. If so, is it taxable to the decedent’s tax or the beneficiaries taxes? Is just the money earned from the annuity taxable or is the whole amount of the annuity taxable?
Fausto Swift
As beneficiaries of an annuity listed under a family trust, is this money taxable by the IRS. If so, is it taxable to the decedent’s tax or the beneficiaries taxes? Is just the money earned from the annuity taxable or is the whole amount of the annuity taxable?
Fausto Swift
For some years has income exceeding 600 it files an annual tax return and clear as inheritance which is not taxable except in some states.