Wednesday, November 23, 2011

My spouse passed away, I will get his 401k, do I have to pay taxes on that amount?

Usually not. As long as all the rules are followed correctly and you don't take the funds out or do some kind of prohibited transaction. Have your lawyer or CPA review th plan with you to make sure it all goes the right way.





sorry for your loss.My spouse passed away, I will get his 401k, do I have to pay taxes on that amount?
No if you do not withdraw the funds and transfer it into your IRA. Contact a tax accountant for full review of all the assets that is being transferred to you because of his passing. Sorry about your loss.

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