Is an IRA considered income when you are the beneficiary?

Answer Yes. The money inherited from an IRA is part of the value of the entire estate and taxed as income to the beneficiary taking the distribution. Beneficiaries can take distributions over time to stre... Read More »

Top Q&A For: Is an IRA considered income when you are the be...

If i am listed as the only beneficiary on my mother's IRA will my siblings have to pay income tax when i divide into 3 shares?

Sean John Combs has 3 siblings: Keisha (adopted, an actual 1st cousin); LaTanya (living in Florida) and Keila (N.Y).

What income is considered low income for a family?

The United States sets a "poverty threshold," which is the minimum amount of money a person or family can make and still buy the basic necessities. As of 2009, that amount for a family of four aver... Read More »

What Is Considered Low Income in the U.S.?

Low income status depends on the size of your household. As of 2010, the federal poverty level considers anyone making less than $10,830 per year as low income, according to the U.S. Department of ... Read More »

How much income is considered low income?

According to the U.S. Census Bureau, the federal poverty threshold varies by the size of the family and the age of its members. In 2008, the federal poverty threshold for an average family of four ... Read More »