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Asked 12/11/2008

My father had pass away 3 years ago and he left a 401k to me,I didn't touch and don't know what to do.I am 21 years olds.

I am still a student .

 
 
 
 
 
Answers

Answer 1/1 - Submitted 12/12/2008

As the beneficiary, you have just received a taxable sum of money. You can roll this over into an IRA and not take all the money at once, but you will have to pay income tax on the money as you take it ; if you just leave it alone you are subject to penalties of up to 50% of the amount you should have taken, so don't just make believe it isn't there.

 
 
 
 
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