Tax law question for POD CD
February 24, 2009 6:11 PM Subscribe
Tax-filter and estate-filter. I live in Ohio. The deceased lived in Ohio and gave me a certificate of deposit upon her death using a payable on death designation during 2008. I then cashed it out and placed this money in a checking account. I am not otherwise involved with the estate in any way. I have usually used "free-file
" to do my taxes.
a) does this money count towards adjusted gross income? and if so...um... how? (I know so little about it I'm not sure what I'm asking)
b) assuming my AGI is still under the $56k limit for free-file, is there any other reason why I cannot or should not do my taxes in that matter since I inherited this CD?
posted by RobotHeart to Work & Money (6 answers total) 1 user marked this as a favorite
(Hopefully this wasn't asked before but I couldn't find it. Also, irs.gov search sucks a long one.) Thank you!!