pandemonium
Feb 24, 2016, 05:09 PM
I inherited a 401K account worth $2500 after my son's death. Federal and state taxes were deducted before payment. I'm not clear whether these are taxes I'm liable for on the amount, although I am 76, retired and living on my Social Security and don't have sufficient income to be paying taxes currently? Or are the taxes based on his income and part of his estate, to be reported on his 2016 tax return?
If the taxes are for my "benefit," should I be filing a return in order to get a refund of the amount withheld?
If the taxes are for my "benefit," should I be filing a return in order to get a refund of the amount withheld?