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Inherited money from deceased father's qualified retirement plan and did a direct rollover (lump sum) to my employer's profit sharing plan 401(k). Do I pay taxes on it?
I received a 1099R with distribution Code 4G. My father was receiving distributions from plan when he died.
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March 29, 2021
5:39 PM
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Retirement tax questions
Can you clarify what type of qualified retirement plan you inherited? The options for beneficiaries vary depending on the type.
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March 29, 2021
6:05 PM
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Retirement tax questions
You are not permitted to have rolled this distribution over to your own 401(k) account. Doing so likely constitutes a failed rollover, a taxable distribution from your father's 401(k) and and an excess contribution to your own 401(k). The only permissible rollover was a direct rollover to an inherited traditional or Roth IRA for your benefit, but that apparently is not what happened.
March 29, 2021
6:33 PM