Replies

Not sure how it is where you live, but here in Calif. as long as the assets are under 600K you don't owe tax. At least that's what I was told when my Father died.

4 posted on 02/02/2004 5:42:24 PM PST by Stars N Stripes (My baloney has a first name, it's h o m e r, my baloney has a second name it's h o m e r .......)

To: Stars N Stripes

The insurance company sent me one of those tax forms a 1099/ that means I owe tax. I am worried.

5 posted on 02/02/2004 5:45:57 PM PST by mlmr (a kiss is just a kiss....as time goes by.......)

To: Stars N Stripes

The $600K was the estate tax limit until 2002, when the limit went up to $1 million. I think it's up to $1.1 or $1.2 million now.

If you have an estate well below the limit, you don't have to file the estate tax papers with the IRS or the state.

However, if you have an estate over $100,000, you have to go through probate court if it is not in a trust.

I was trustee for my mother's estate two years ago and learned these things the hard way.

However, the question asked in the first post had to do with income taxes on an annuity, not an estate.

13 posted on 02/02/2004 5:57:35 PM PST by RandyRep

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