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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