My deceased wife's 401k and pension plan money are now in my name,will I get taxed for drawing out of them
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My deceased wife's 401k and pension plan money are now in my name,will I get taxed for drawing out of them
Yes Sir
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.
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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