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moore-family4
New Member

I inherited my sister's 457 plan with Fidelity. Fidelity put it in a 403b in my name. I didn't receive a 1099. Do I pay taxes on this, if so, where do I put it on my tax form?

 
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MichaelL1
Level 15

I inherited my sister's 457 plan with Fidelity. Fidelity put it in a 403b in my name. I didn't receive a 1099. Do I pay taxes on this, if so, where do I put it on my tax form?

You will pay taxes when money is withdrawn from the account.  Then you will be issued a 1099R.

Depending on the age of your sister when you got this account, some money may need to be withdrawn each year.  So talk to the financial advisor with the account, so that gets taken care of if needed. 

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2 Replies
dmertz
Level 15

I inherited my sister's 457 plan with Fidelity. Fidelity put it in a 403b in my name. I didn't receive a 1099. Do I pay taxes on this, if so, where do I put it on my tax form?

"Fidelity put it in a 403b in my name."

Are you sure?  That's not permitted.  The only possibility for moving the funds to another retirement account is for the distribution from the inherited 457(b) plan to be directly rolled over to an inherited IRA in the name of your deceased sister for you benefit as beneficiary.  A Form 1099-R MUST be issued for any distribution from the 457(b) plan regardless of where the money ended up.
MichaelL1
Level 15

I inherited my sister's 457 plan with Fidelity. Fidelity put it in a 403b in my name. I didn't receive a 1099. Do I pay taxes on this, if so, where do I put it on my tax form?

You will pay taxes when money is withdrawn from the account.  Then you will be issued a 1099R.

Depending on the age of your sister when you got this account, some money may need to be withdrawn each year.  So talk to the financial advisor with the account, so that gets taken care of if needed. 

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