Family member death - Tax Filing and Retirement Accounts

[Anonymous]

I have no idea. I did read some but was hoping someone could help me with info or a couple of links to figure out how to deal with these. Also I haven't slept much so maybe need a little hand-holding.

There is a 401k, IRA and Roth accounts.

Thank you.

[Anonymous]

There will be a final return and then likely an estate return. The estate will be distributed according to the will. Any trusts will also have separate returns. I would work with an accountant.

[Anonymous]

OP. I don't have $ for an accountant. No trust. Just 3-4 retirement accounts and am willing to learn and DIY. Just looking for some help to get started. Maybe if someone did this themselves...

[Anonymous]

Is there an executor? If not the court will appoint one. That person will file the paperwork for probate, track down the assets and distribute them. They will also do the taxes for Fed and State and then a tax filing for the estate. The size of the estate will dictate how much work it is. As how organized all the info is.

[Anonymous]

OP. I am supposed to be the executor and beneficiary apparently. There is just a bank account and 4 retirement accounts. With info on each.

[Anonymous]

Anonymous wrote:OP. I am supposed to be the executor and beneficiary apparently. There is just a bank account and 4 retirement accounts. With info on each.

Also why probate? If there is a will - isn't it all straight forward? I don't know details but that is my general understanding of how it should be where court or accountants or lawyers needn't be involved?

[Anonymous]

OP. If I am the beneficiary and the non-retirement $ is well within lifetime gift limit then I just report it right? There are no taxes in VA? It is more than the annual allowed gift max which would not require filing.

[Anonymous]

Anonymous wrote:OP. I am supposed to be the executor and beneficiary apparently. There is just a bank account and 4 retirement accounts. With info on each.

When did your relative pass?

[Anonymous]

Anonymous wrote:I have no idea. I did read some but was hoping someone could help me with info or a couple of links to figure out how to deal with these. Also I haven't slept much so maybe need a little hand-holding.

There is a 401k, IRA and Roth accounts.

Thank you.

These accounts will have beneficiaries and won't be distributed through probate or via a will. You usually just need to show the bank the death certificate and it will distribute to the listed beneficiaries.
Sorry for your loss, OP.

[Anonymous]

OP, whoever is filing taxes for the deceased - it can absolutely be you - must report anything over $16k on form 709 - so long as it is less than $12M - no taxes owed.

You can get management of retirement accounts - need to call each of them and let them know of death - they can help with next steps. Yes, you don't need a lawyer or accountant. It seems in your case it is fairly simple.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have no idea. I did read some but was hoping someone could help me with info or a couple of links to figure out how to deal with these. Also I haven't slept much so maybe need a little hand-holding.

There is a 401k, IRA and Roth accounts.

Thank you.

These accounts will have beneficiaries and won't be distributed through probate or via a will. You usually just need to show the bank the death certificate and it will distribute to the listed beneficiaries.
Sorry for your loss, OP.

Thank you. Yes I am the beneficiary on all of these. So a 401k and an IRA can be transferred to an IRA in my name? And a Roth IRA can be transferred to my Roth IRA? And so they are pooled with my money and same withdrawal rules apply?

[Anonymous]

You’ll need multiple copies of the death certificate. I would expect the retirement accounts to have named beneficiaries, so the places that hold the funds will do the distributions. You should reach out to them for guidance. The bank can provide you guidance on the bank accounts.

There are books to help you with this. If you want to save money, look for used copies online.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have no idea. I did read some but was hoping someone could help me with info or a couple of links to figure out how to deal with these. Also I haven't slept much so maybe need a little hand-holding.

There is a 401k, IRA and Roth accounts.

Thank you.

These accounts will have beneficiaries and won't be distributed through probate or via a will. You usually just need to show the bank the death certificate and it will distribute to the listed beneficiaries.
Sorry for your loss, OP.

Thank you. Yes I am the beneficiary on all of these. So a 401k and an IRA can be transferred to an IRA in my name? And a Roth IRA can be transferred to my Roth IRA? And so they are pooled with my money and same withdrawal rules apply?

Call the representative number for YOUR brokerage where you hold your IRA. They will help you do the roll-overs --often doing the most work for you. You will have a beneficiary rollover IRA --it has to be its own account but it can be held in the same brokerage as your account. Your money will not be pooled. I'm sorry for your loss.

[Anonymous]

The accounting and legal costs can be paid by the estate. Sounds like there will be no tax but there still needs to be filings. Mistakes can be expensive. Maybe just pay for some advice and do the filing yourself

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have no idea. I did read some but was hoping someone could help me with info or a couple of links to figure out how to deal with these. Also I haven't slept much so maybe need a little hand-holding.

There is a 401k, IRA and Roth accounts.

Thank you.

These accounts will have beneficiaries and won't be distributed through probate or via a will. You usually just need to show the bank the death certificate and it will distribute to the listed beneficiaries.
Sorry for your loss, OP.

Thank you. Yes I am the beneficiary on all of these. So a 401k and an IRA can be transferred to an IRA in my name? And a Roth IRA can be transferred to my Roth IRA? And so they are pooled with my money and same withdrawal rules apply?

Depends whether you are spouse or not. Call the company that holds the accounts; they are usually very helpful.