401k Beneficiary Form Withdrawal
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FAQ
If you decide to leave inherited 401(k) funds in the plan, you can take withdrawals from the account without triggering the 10% early withdrawal penalty. You'd still pay regular income tax on any distributions you take.
How to name a beneficiary on your 401(k) account. If you name a person as your beneficiary, you should provide their full legal name, mailing address, date of birth, and Social Security number. You may also be asked to explain their relationship to you.
Transfer the funds directly from the 401(k) account into a new inherited IRA: If you rolled the inherited 401(k) into a new inherited IRA, you are allowed to make withdrawals without incurring an early withdrawal penalty, a move that may be helpful for spouses who have not reached age 59 ½.
You'd still pay regular income tax on any distributions you take. If your spouse was age 70 1/2 or older at death, you would have to take required minimum distributions from the account. Again, there would be no early withdrawal penalty but you would pay income tax on the withdrawals.
401(k) distribution tax form When you take a distribution from your 401(k), your retirement plan will send you a Form 1099-R. This tax form shows how much you withdrew overall and the 20% in federal taxes withheld from the distribution.