Timothy Sumer

To file your federal taxes for FREE visit ... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA When it comes to inherited IRAs and 401(k) plans, the tax implications can be confusing. Many people are unsure if their inherited retirement accounts are subject to taxation. The answer is yes, inheritance of an IRA or 401(k) plan is generally subject to taxation. Inherited IRAs and 401(k) plans are typically subject to income tax. The amount of tax owed will depend on the type of account you inherit and the tax bracket you fall into. It is important to understand the tax implications of inherited retirement accounts before making any decisions. If you inherit a Roth IRA, the money you receive is not subject to income tax. However, if you inherit a traditional IRA or 401(k) plan, the money you receive is taxable income. The amount of tax owed will de...