williamsci57
Jan 5, 2009, 10:50 PM
I was a beneficiary on a 401k, do I need to claim that on my taxes?
MukatA
Jan 6, 2009, 02:40 AM
Yes, same treatment as the original owner except that you will not pay 10% early withdrawal penalty.
AtlantaTaxExpert
Jan 7, 2009, 10:03 AM
It MAY be possible to rollover the money over to your IRA, this deferring the income taxes.
You need to investigate that if you do NOT have an immediate need for the money.