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April 5, 2021
Question

Do I need to claim a inherited 401k from a deceased relative if federal taxes have already been taken out of the amount?

  • April 5, 2021
  • 1 reply
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1 reply

macuser_22
Employee
April 5, 2021

Yes.   The tax withheld is an estimate.  The actual tax depends on all of your income and your tax rate.

 

All 1090-R's must be reported on your tax return - taxable or not or the IRS will send a bill for the tax on the box 1 amount.

 

 

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**