SPECIAL REPORT: Nothing Certain But Death and Taxes

The Most Expensive Places to Die (Due to Death Taxes) | Are You Mistakenly Dead to the IRS? | Inherited an IRA? Four Changes Every Beneficiary Needs to Know Created for {EMAIL} | [Web Version]( October 13, 2023 CONNECT WITH KIPLINGER  [LinkedIn]( [Facebook]( [Twitter]( [Youtube]( [Instagram]( Kiplinger Today [SIGN UP]( ⋅ [SHARE]( [] Top Story [] [The Most Expensive Places to Die (Due to Death Taxes)]( [The Most Expensive Places to Die (Due to Death Taxes)]( (Getty Images) “Death taxes” can make life difficult for loved ones. After saving and planning so you can leave them with something when you go, the last thing you want is for your heirs to have to hand money over to the government. Which state you die in can make all the difference for your loved ones’ financial burdens. [You might know about the cost of living in some states, but what about the cost of dying](? [] In the News [] [Are You Mistakenly Dead to the IRS?]( [Are You Mistakenly Dead to the IRS?]( (Getty Images) Typically, the IRS locks accounts of taxpayers who have passed away to prevent fraudulent use of the deceased person’s information. When the agency locks your account, you can't file tax returns or receive tax refunds. But a recent report says the IRS incorrectly locked thousands of taxpayer accounts. [Is yours one of the over 90,000 accounts mistakenly "deceased locked” in the past year? If so, here’s what you should do](. [The Best Investment Of 2023 Is… Bourbon?]( The bourbon industry is booming. All across Kentucky rickhouses are being built at a record pace, but even with the expansion distilleries can't keep up with demand. Now, with CaskX you can profit from the bourbon boom by investing in barrels of bourbon from distilleries across the United States. [Request Early Access Now]( ADVERTISEMENT: [] Inherited IRA Rules [] [Inherited an IRA? Four Changes Every Beneficiary Needs to Know]( [Inherited an IRA? Four Changes Every Beneficiary Needs to Know]( (Getty Images) Inherited IRA beneficiaries have a lot to deal with, including being aware of several tax considerations. This is especially important considering recent rule changes and delays involving required minimum distributions (RMDs). We summarize [four things every beneficiary should know](, from the 10-year rule and RMD delays to the SECURE 2.0 Act. There’s also information on how details surrounding your inherited IRA and its original owner can impact your taxes and tax strategy. [] Estate Tax [] [States That Won’t Tax Your Death]( [States That Won t Tax Your Death]( (Getty Images) You’ll likely be able to avoid the $12.92 million threshold for the federal estate tax, regardless of which state you die in. But some states aren’t so generous with estate tax exemptions. Paying state death taxes can become very expensive for the loved ones you leave behind, but you might save them some money if you live — and have assets in — one of these states. [How much will your children or other heirs pay when you die](? [] Tax Returns [] [Filing a Deceased Person’s Final Income Tax Return]( Unfortunately, when someone is deceased, the decedent's personal representative is generally required to file any final tax returns for the deceased person. That includes federal income tax returns that the decedent would have been required to file for the year of their death. Read our guide for more information on filing a final federal income tax return for a deceased person. [Read More]( [The Best Investment Of 2023 Is… Bourbon?]( The bourbon industry is booming. All across Kentucky rickhouses are being built at a record pace, but even with the expansion distilleries can't keep up with demand. Now, with CaskX you can profit from the bourbon boom by investing in barrels of bourbon from distilleries across the United States. [Request Early Access Now]( ADVERTISEMENT: [] Death Tax [] [18 States With Scary Death Taxes]( Although several states have reduced or eliminated their estate and inheritance taxes over the past decade to dissuade well-off retirees from moving to more tax-friendly jurisdictions, twelve states and Washington, D.C., still impose an estate tax. Six states have an inheritance tax on the books. Here’s our list of 18 states that can create scary tax bills for your heirs. [Read More]( ABOUT KIPLINGER When we write about money, we get it right. So the decisions you make with your dollars are also right. Kiplinger is a trusted provider of unbiased financial advice, objective business and economic forecasts, and practical help to millions of business professionals, investors, and individuals seeking to make more profitable decisions with their money. 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