0

I inherited a bit of money from a grandparent that passed away last year. New Jersey has an inheritance tax but from what I looked up close family inheritance is not taxable. I want to make sure that I am doing my tax return correctly. I'm trying to use Turbo Tax to file but I'm not sure how to input this. I don't want to just add it as income because it wasn't normal income.

  • Wasn't it repealed? tiaa.org/public/offer/services/individual-advisory-services/… Did TurboTax not ask anything from within the state forms? – D Stanley Feb 11 at 16:53
  • I tried to find anything about inheritance in turbotax but couldn't. If its repealed do I just not report the income at all? – Chris Feb 11 at 18:43
  • I ma not a tax expert and know nothing about NJ, but inheritance/estate tax in my experience has a VERY high exemption level (it's only meant to tax vary large estates). So you may not need to declare anything. That said, you might also look at the instructions for the NJ forms and see if that sheds any light that TT might be missing. – D Stanley Feb 11 at 19:59

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Browse other questions tagged or ask your own question.