Christian Posted March 24, 2020 Report Posted March 24, 2020 A new client has come in bringing a pension 1099-R from the Office of Personnel Management showing a pension which she gets based on her deceased husband's record. As with so many of these the taxable amount is not indicated. I have forgotten if a widow is allowed recovery of her deceased spouse's remaing basis in his pension or if it is simply lost. Can anyone address this ? Quote
Christian Posted March 25, 2020 Author Report Posted March 25, 2020 I finally located the answer.The wife continues to use the tax free basis until exhausted. Alas a moot point as this spouse cannot provide the needed info as to retirement date of her former husband. Good grief ! Quote
Lion EA Posted March 25, 2020 Report Posted March 25, 2020 Have wife call OPM. Depending on his age before he passed, number of years retired, husband might've used up his basis. 3 Quote
Margaret CPA in OH Posted March 25, 2020 Report Posted March 25, 2020 Applies to recent widow and new client. Basis was exhausted as husband took early retirement. Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.