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My father passed away in June 2009 and my Mother withdraw $400k

plus in August 2010 from...
My father passed away in June 2009 and my Mother withdraw $400k plus in August 2010 from the Trust and 401k monies he had saved, which was taxed at with drawl. My Mother then distributed $150k to both my brother and me via personal checks. Must my Brother and I pay taxes on this or does my Mother pay what ever taxes are due.
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Answered in 4 minutes by:
1/3/2011
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,276
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello and thank you for using Just Answer.

If the monies you received were paid to you as a result of instructions from your father's will or if your mother simply gave your brother and you the money it is not taxable to either of you. Cash money inherited is not taxable nor are gifts to the receiver.

Your mother will be responsible for the taxes that would be due and the reporting of the distributions to her .

I sincerely XXXXX XXXXX information is helpful,

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,276
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
Robin D. and 87 other Tax Specialists are ready to help you
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Customer reply replied 7 years ago
Thanks so much. What additional rate/amount would she be taxed at since she had 20% taken off the top before distribution

Her tax rate will depend on her filing status, total income, and deductions. It is safe to assume though that your mother is looking at over 35% plus.

Here is a tax rate schedule for 2010 taxes:

http://www.irs.gov/pub/irs-pdf/i1040tt.pdf

Unless your mother remarried she will most probably need the first box for single and the last line.

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Robin D.
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Experience: 15years with H & R Block. Divisional leader, Instructor

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