- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
After you file
Oh----so sorry----but unless your name is on the deed or the mortgage, you cannot deduct paying his taxes. Did you inherit a house from him----post details if that is the case. Were you the executor of the estate? Did you seek legal advice? Did someone tell you that you were personally responsible for his debts?
In effect, it sounds like you gave a gift--even if it was a post-humous gift. Gifts to family members are not deductible. And you used your 401k? If you are under 59 1/2 you are going to pay a 10% early withdrawal penalty, plus ordinary tax. You will receive a 1099R to enter on your tax return.
To enter your retirement income, Go to Federal> Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R.