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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.
In the case of inheritance taxes, spouses, children, or siblings often have different exemptions, which we list in detail in table 35 in the 2015 edition of our annual handbook, Facts & Figures. Currently, fifteen states and the District of Columbia have an estate tax, and six states have an inheritance tax. Maryland and New Jersey have both. The state with the highest maximum estate tax rate is Washington (20 percent), followed by eleven states which have a maximum rate of 16 percent. Hawaii and Delaware have the highest exemption threshold at $5,430,000 (matching the federal exemption). New Jersey has the lowest, only exempting estates up to $675,000.