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Asked 12/17/2008

401 k benefitciary

My father had pass away 3 years ago and he left a 401k to me !

I am 21 years old and still a senior in college, my father had a accident and left a 401k to me , I really don't know what to do and I don't want to pay fee or taxes .I also have a younger sister 18 years old that I want to share with..My dad only put my name as a beneficially in his account. Would you please help me , guild me to the right way , this is only money that he left for us...

 
 
 
 
 
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Answer 1/1 - Submitted 12/17/2008

You need to contact the employer where he worked and they should be able to get you the information you need but you will have to pay taxes on the money, I don't know why you were not contacted 3yrs. ago. If you have any paperwork showing you as the benificiary let them know you have it and if you go in to talk to them take it with you, and by all means don't leave it with them you can give them a copy but make sure you keep yours. And you'll need your I.D. also. I hope this helps you and Good Luck!

 
 
 
 
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