B-Guy
Recycles dryer sheets
- Joined
- Nov 30, 2021
- Messages
- 185
I'm trying to understand what our designated beneficiary tax liability is.
My DW was a 1/4th designated beneficiary for an account from her DM at Charles Schwab. The funds were put into the Schwab account that were obtained from a settlement from a auto accident. I'm trying to understand what the tax implications are. We have conflicting information. One said the original amount is not taxable and the other said the entire account is taxable.
Does anyone know which is correct or what we need to ask to verify the tax implication.
My DW was a 1/4th designated beneficiary for an account from her DM at Charles Schwab. The funds were put into the Schwab account that were obtained from a settlement from a auto accident. I'm trying to understand what the tax implications are. We have conflicting information. One said the original amount is not taxable and the other said the entire account is taxable.
Does anyone know which is correct or what we need to ask to verify the tax implication.