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Old 03-03-2010, 10:51 AM
 
26 posts, read 43,572 times
Reputation: 21

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Before I inherited an IRA and pension, the decedent's estate paid NJ estate tax on the date-of-death value of the IRA and on the expected payout of the pension (based on my life expectancy). For purposes of paying NJ income tax, do I now consider the date-of-death value of the IRA as the already-taxed portion of the IRA, and the expected pension payout as the already-taxed portion of the pension? (If not, the IRA and pension would be taxed twice by NJ, wouldn't they -- first by the estate tax, second by the income tax?) Thx.
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Old 03-03-2010, 11:15 AM
 
9,124 posts, read 33,913,119 times
Reputation: 3601
Smells like a question for a CPA or attorney who specializes in such matters- I wouldn't rely on any answers you get here for something as convoluted as that.
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Old 05-11-2011, 03:13 PM
 
1 posts, read 3,983 times
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Although I am not an estate attorney I believe that most inherited retirement accounts are taxed twice. Once as an asset of the estate and again as income to the beneficiary because the decedent never paid income tax on the funds.
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