If I inherit $40,000 in California, how much should I plan on setting aside for the IRS and State taxes?

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With California's current budget crisis, I'd set aside $39,998.50. They'll get it from you one ... . With California's current budget crisis, I'd set aside $39,998.50.

They'll get it from you one way or the other! The problem with doing this is that California is already highly dependent on high-income filers, and their income is variable. Since the personal income tax represented $33.7B of the $73.6B in revenues in the 03 budget, high income filers represented 58.8% of 45.8% of the budget, or 26.9% of the annual budget.

Since this represents 680,000 returns of the 13.6 million filed, it's fair to say that half a million households provide about a quarter of the revenue to the state. Sources: windsofchange.net/archives/007963.html .

The first $1.5 million is exempt from federal tax There is no California inheritance tax but there are estate taxes equal to the credit you get on the federal estate tax. So, in other words, once everything is said and done, you should get the full $40k. But I'd still pay the hour in lawyers fees ($100-$400 or so) it'd cost to talk to a tax attorney about this if I were you.

Sources: askmehelpdesk.com/advice/t-9367.html .

1 Check with your accountant, but the answer is most likely zero. California has no inheritance tax, and that amount is not taxable at the Federal level. If the estate itself is large enough, it may be subject to Federal taxes, but that comes out before you are given your distribution.

Check with your accountant, but the answer is most likely zero. California has no inheritance tax, and that amount is not taxable at the Federal level. If the estate itself is large enough, it may be subject to Federal taxes, but that comes out before you are given your distribution.

2 It also depends on where the money comes from. If you're the beneficiary of a retirement plan, like a 401k or an IRA, the proceeds are taxable. However, they are not subject to probate.

It also depends on where the money comes from. If you're the beneficiary of a retirement plan, like a 401k or an IRA, the proceeds are taxable. However, they are not subject to probate.

3 With California's current budget crisis, I'd set aside $39,998.50. They'll get it from you one way or the other! This user has been banned from Askville.

3 With California's current budget crisis, I'd set aside $39,998.50. They'll get it from you one way or the other! .

With California's current budget crisis, I'd set aside $39,998.50. They'll get it from you one way or the other!

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I am about to inherit $30,000 from my mother's estate. Will I have to pay taxes on it?

Do the irs keep your taxes if you are in a chapter13.

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