IF I INHERIT MONEY FROM MY PARENT’S 401(K), DO I HAVE TO PAY TAX? Answer: Generally, yes, you are taxed on distributions from a 401(k). If taking a 401(k) distribution, the proceeds will be subject to income tax. However, the person inheriting those funds is not required to take an immediate distribution. She can either: • Leave the money in that same 401(k) account; • Have a roll-over to her own job-related plan, if allowed by that plan; or • Have a roll-over into her own or even another inherited I.R.A.. If the inheriting persontook a distribution, however, she would not be subject to pay any 10 percenttax for early withdrawal. This special rule applies no matter the age of the inheritor. Contact Us Now:- 💚💚SUBSCRIBE HERE💚💚 Do not miss this VALUABLE INFORMATION. ************** Do not miss the video: **************** #IRS #TaxDebt #TaxAdvisor... ( read more )
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Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)