What can I do if I rolled over a 401K instead of taking it as inheritance? 5 Answers as of March 14, 2011

I was misinformed when my husband passed away in 2007. I rolled over his 401k instead of taking it as inheritance. Can this be amended or changed to get the money without paying taxes and penalties?

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Mankus & Marchan, LTD
Mankus & Marchan, LTD | Tony Mankus
If you were the beneficiary shown in your husband's 401k plan, you inherited it upon his death. Whether you rolled it over into an IRA, or not, taxes must be paid on it sooner or later, depending on the rules of the 401k plan.
Answer Applies to: Illinois
Replied: 3/14/2011
Burnham & Associates
Burnham & Associates | Stephanie K. Burnham
Not likely. Once the account is rolled it is too late.
Answer Applies to: New Hampshire
Replied: 3/14/2011
LT Pepper Law
LT Pepper Law | Luke T. Pepper
There is nothing you can do now as it is too late to go back and open his estate to treat the amount differently.
Answer Applies to: Pennsylvania
Replied: 3/14/2011
David Hoines Law
David Hoines Law | David Hoines
Maybe see a CPA, as documents need to be prepared.
Answer Applies to: Florida
Replied: 3/14/2011
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