How much tax will I pay if I take a lump sum distribution from my fathers pension death benefit?
Asked in Brooklyn, NY - almost 4 years
My father passed away and I was his beneficiary on his pension. Part of the money is a tax-free distribution, with a larger amount being taxable distribution, which I would be required to pay taxes on. I need to take this as a lump sum, it says they will take 20%, but how much more will I have to pay on that money, besides that. I have 3 children, and both myself and my husband both work. I am worried about my tax liability.
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