Ask Experts Questions for FREE Help !
Ask
    Dave Maunder's Avatar
    Dave Maunder Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 29, 2009, 04:20 PM
    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?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jan 30, 2009, 10:27 AM
    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.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Inheritances [ 5 Answers ]

Hi. To make a long story short I have been married for seven years, live in CA, have 2 kids and have been heading towards a divorce for most of the seven years now. We have talked about it but are still living unhappily together and nothing has been done formally. My husbands grandmother just...

View more questions Search