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Asked 6/25/2011
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Sons inheritence a 401k from there father My sons inheritenced a 401k from there father when he passed in 2009, there father hasn't been at this job for for many years, when he left the company he had over 60,000 in the account but when he passed there was only around 20,000 so they eah got about 10,000..do they have to pay taxes on this money |
Answer 1/2 - Submitted 6/25/2011
An inherited 401k is part of the taxable estate, but the beneficiary can access the money while the estate is in probate. The funds are taxed as ordinary income. Different 401Ks have different rules, but a lump sum distribution is most likely. what the 401K manager will suggest. To your question, your sons will be required to pay tax on the income and it is taxed as ordinary income
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