I inherited about $40,000.
There is about $30,000 in the Non Spouse Inherited IRA l. I think it looks like $10,000 in cash and $20,000 invested. It's hard to tell what I'm looking at online.
I think there's $6,000 in cash and $4,000 in stocks in an individual transfer on death account.
Do I have to pay taxes on this? How much do I have to set aside? When do I pay them? I don't know the first thing about this but this money could pay off my credit card ($9k), a hospital bill ($4k), and my last student loan ($14k).
Our finances in brief: My husband and I are both in our late thirties. We have a five month old son. We have $5,000 left in savings, a $700k mortgage, 401ks started late but aggressively contributing to, car paid off. We make about the same amount and that's $215k a year together.
We spent most of our savings account getting this house, fixing things up, and setting things up for the baby. There were also lots of medical bills after the baby was born.
My husband wants to spend $15,000 on home upgrades that are big comfort and quality of life improvements but not exactly necessary. It's foolish to not pay off our debt first right? And I can't tell if I will be taxed on it yet so I don't want to count chickens before they hatch and all that.
Submitted June 11, 2022 at 12:34AM by ashtraybutt https://ift.tt/9vbfctH
