Welcome! | Ask A Question

 
 
 
 
Question

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.

 
 
 
 
Answer This Question Now

Type your Answer in the box below and post your answer.

Learn more about how this works

 
 
 

Related Questions (Ask a New Question)

 
Will i have to pay taxes on money paid to me after my divorce

I recently got divorced and part of the agreement was i was to recieve money for my 1/2 of equity in a home me and my now ex husband were buying.he kept hte home and i had ot relocate will i have to pay taxes on the money i recieved.i will also get 1/2 of his 401k as he will mine it is to be set up...

See Answers

 
No income, but deductions

I was out of work for the entire year of 2007. i did not collect any unemployment. even though i have no income to report, i do have deductions and i have in the past itemized deductions. how do i file and claim deductions since i have no income to report? should i withdraw from my 401k in order...

See Answers

 
Additional income

I need to know if accept a payment from my after tax contributions out of my 401k, if it will cause me to pay taxes? the amount is $14,200 approx. how do i figure that out?

See Answers

 
Related Questions

Will i have to pay taxes on money paid to me after my divorce


I recently got divorced and part of the agreement was i was to recieve money for my 1/2 of...

 

No income, but deductions


I was out of work for the entire year of 2007. i did not collect any unemployment. even...

 

Additional income


I need to know if accept a payment from my after tax contributions out of my 401k, if it will...

 

401k withdrawal


Can you withdraw funds from a 401k at any time due to a terminal illness?

 

401k reduction of wages


Question: in the past the 401k contribution reduced all taxable wages dollar for dollar...

 

Taxes and penalties on 401k early withdrawal for new home


If i withdraw my 401k to purchase a house would i still be subjected to the 10% penalty and...

 
 

See more 401k questions

 
 
 
 
 

Ask A Question

Ask a new question about
401k: