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    williamsci57's Avatar
    williamsci57 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 5, 2009, 10:50 PM
    401k beneficiary
    I was a beneficiary on a 401k, do I need to claim that on my taxes?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Jan 6, 2009, 02:40 AM

    Yes, same treatment as the original owner except that you will not pay 10% early withdrawal penalty.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    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.
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