I've recently inherited $47,000. Living in California, how much will I be taxed?
The lump sum came strictly from my mother's retirement fund from her job. There was no probate, no property, and I was the sole heir. How much should I expect to be taxed both federally and by the State of California? Any advice on investments or accounts that will reduce the amount of taxes I'll owe? I really want to be smart with this money, It's security for my future (hopefully!) Thank you!