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    kjw1061's Avatar
    kjw1061 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jun 15, 2014, 11:17 AM
    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
    catonsville's Avatar
    catonsville Posts: 894, Reputation: 91
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    #2

    Jun 15, 2014, 11:32 AM
    Yes Sir
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Jun 15, 2014, 11:50 AM
    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.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Jun 15, 2014, 12:39 PM
    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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