IF I INHERIT MONEY FROM MY PARENT’S 401(K), DO I HAVE TO PAY TAX?

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:- https://www.stopirsproblem.com/consultation/

💚💚SUBSCRIBE HERE💚💚
https://www.youtube.com/channel/UCTMBgEEum7mipVplLjgaOLQ

Do not miss this VALUABLE INFORMATION.

**************

Do not miss the video:

https://youtu.be/qxyH4lajcIc

****************

#IRS #TaxDebt #TaxAdvisor

Видео IF I INHERIT MONEY FROM MY PARENT’S 401(K), DO I HAVE TO PAY TAX? канала IRS Insiders with J. Anton