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State Income Taxes and Federal Income Taxes. In general an inheritance in and of itself is not considered income, so you won't have to report your inheritance on your state or federal income tax return. However, the property that you inherit may have built in income tax consequences. For example, if you inherit a traditional IRA or 401(k), then you will have to include all distributions you take out of the IRA or 401(k) in your ordinary federal income, and possibly your state income, during the year in which you take the distributions.
There are circumstances that require you to pay tax on your inheritance, but they're the exception rather than the rule. Seven states -- Indiana, Iowa, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania -- impose an inheritance tax, though the Indiana tax ends in 2022.he tax applies if you or the deceased are state residents, or if you inherit property in one of those states. In Iowa, tax kicks in if the total estate if worth $25,000; in Pennsylvania, any inheritance is taxable.