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-   -   My deceased wife's 401k and pension plan are now in my name (https://www.askmehelpdesk.com/showthread.php?t=794406)

  • Jun 15, 2014, 11:17 AM
    kjw1061
    My deceased wife's 401k and pension plan are now in my name
    My deceased wife's 401k and pension plan money are now in my name,will I get taxed for drawing out of them
  • Jun 15, 2014, 11:32 AM
    catonsville
    Yes Sir
  • Jun 15, 2014, 11:50 AM
    ScottGem
    Contributions to a 401(k) are tax deferred. So you pay taxes once you withdraw, whether the contributions were made by you or you received the plan as a beneficiary. On the other hand the pension depends on what type of plan whether payments are taxable.
  • Jun 15, 2014, 12:39 PM
    AtlantaTaxExpert
    Scott has it right.

    One addition: Early IRA distributions from an inherited account is EXEMPT from the 10% Early Withdrawal Penalty if the withdrawal is done within a set time.

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