Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Taxes (https://www.askmehelpdesk.com/forumdisplay.php?f=320)
-   -   Tax on inheritances (https://www.askmehelpdesk.com/showthread.php?t=310435)

  • Jan 29, 2009, 04:20 PM
    Dave Maunder
    Tax on inheritances
    I, along with my siblings, received a $1836 "redemption due to death" from a John Hancock 403(B) account, that my father held until his passing in April of 2008. Is all or any of this distribution taxable on either my federal or state (Calif) returns?
  • Jan 30, 2009, 10:27 AM
    AtlantaTaxExpert
    Probably, because most 401(b) accounts are tax-deferred, NOT tax-exempt, which means the tax MUST be paid upon redemption.

    Expect to get a Form 1099-R from John Hancock.

  • All times are GMT -7. The time now is 02:29 AM.