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Posted by Stuart A. Bronstein on April 12, 2007, 6:13 pm
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> My dad recently passed away and my sister and I were 10%
> each beneficiaries on his 401K while 80% was to go to my
> mother. Well she passed a month later and my sister and I
> are both to receive 50% of her estate which will include the
> 80% of the 401K. My question is what will the taxes be on
> this type of payout is this part of the estate? I live in NJ
> if that matters.
First there are income taxes on those funds because they
hadn't been subject to tax in the past.
Then if your mother's estate is greater than $2,000,000
(assuming she died in 2006 or 2007) the excess will be
subject to estate tax.
Stu
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