Sen. Murkowski today called on President Obama to show some heart and do the right thing regarding the proposed restoration of military retirement benefits to some two dozen Alaska Territorial Guard members whose World War II service in the ATG was considered active duty service until the Defense Department reversed its position on the matter earlier this year.
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Some things organizations are doing to take away retirement benefits and some things you can do to protect your benefits.

Understanding Social Security & Medicare Benefits

Social Security is big business. It is the major source of income for most of the nation’s elderly population, and provides benefits to family members and disabled workers. This text covers the benefits provided by Social Security, the taxation of Social Security benefits, disability and SSI benefits, survivor benefits, and the appeals process. In addition, information is provided regarding the types of benefits offered by Medicare and the various options for paying for long-term health care.

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Question by Nick: Are my fathers retirement benefits taxed upon his death?
My father passed away and my sisters and I are going to be paid out his retirement benefits. Are those benefits considered an inheritance, or part of the estate or neither? Are they taxed as they would be if he had been paid out his own retirement benefits?
I am wondering about both the state and federal tax implications on the retirement benefits. One sister and I live in Oregon and I have one sister living in Washington state.

Best answer:

Answer by Wayne Z
Sorry for your loss.

Yes, assuming that it was a pretax retirement account, the distributions will be taxed to the beneficiaries as they withdraw the funds.

Each of you should receive a 1099R. The 10% penalty will not apply but you will have to pay taxes.

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