I received a family inheritance in spring 2020. My accountant told me there were no taxes due on the any of the inheritance. There were funds withheld for taxes on two accounts. It's 2024 and I'm filing late. Is it too late to get my withholdings returned?
In the United States, inheritances are generally not considered taxable income for federal income tax purposes, so you typically wouldn't owe taxes on the inheritance itself. However, if there were funds withheld for taxes on two accounts related to the inheritance, it's possible that these withholdings were for something else, such as income generated by the inherited assets (like interest or dividends) before they were distributed to you. If you believe that too much tax was withheld and you are due a refund, you generally have a three-year window from the original filing deadline to claim a refund by filing the appropriate tax return. For taxes withheld in 2020, you would typically need to file your 2020 tax return by April 15, 2024, to claim a refund. However, due to the COVID-19 pandemic, the filing deadline for 2020 tax returns was extended to May 17, 2021, which may affect the exact deadline for claiming a refund. Since it's now 2024 and you're filing late, you may be beyond the standard three-year limit to claim a refund for the 2020 tax year. However, there can be exceptions to these rules, and it's possible that other factors could extend the deadline. To determine if you can still claim a refund, you should: 1. Review the exact dates and amounts of the withholdings. 2. Check the specific deadlines, including any extensions that may have applied to the 2020 tax year. 3
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