How much in taxes would you pay on a one million dollar inheritance?

Question

our household income = 60K/ yr. Home equity = 100k,800 credit rating, bank acts. = 36K, 401k value= 100K

Answer 1

The person RECEIVING the inheritance pays no Federal Income tax.  Inheritance is tax-free as far as federal income taxes ( the IRS) are concerned. Some states do have inheritance tax but you would have to check in your home state.  Estate taxes are paid by the estate BEFORE the estate is distributed. So if you receive a $1 million inheritance, interview a fee-only Certified Financial Planner ot three and see what planner and which plan you like best.  That money will last you forever if you  invest it well and live on your interest.