Question

Am I required to report it on my Tax form 1040-SR?

Forum|Forum|5 years ago
April 23, 2021
1 reply
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Am I required to report it on my Tax form 1040-SR? My husband passed in Feb. 2020. Monies are sitting in a 457(b) Plan & a 457(b) Rollover (Pre-Tax) account because I am not sure what to do? The account is exactly the way my husband left it except I am the new owner. He was 69 and I was 82 at the time of his passing. We were married 45 years. Should it be reported?

ColeenD3

No, if there has been no distribution, then it isn't income.

fanfare

Employee

You need a financial planner or financial adviser to evaluate your situation and make sure you take any required actions in 2021,

They will probably try to put you into an annuity. Be careful.

J

jjf2008Author

Thanks for the heads-up for 2021, but what about 2020?

Sounds like for 2020, I have a choice of legally allowing the government to rob me thru RMDs, or allow a financial planner or financial adviser to legally sell from me. Not much choice, is it?

You said, "They will probably try to put you into an annuity. Be careful." Any major pitfalls to be carefully of?

What about 2020?