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Asked 8/4/2009
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What is the tax percentage on a cash inheritance Husband and wife received 12,000 cash from a 401K account of deceased. What do we need to put aside for taxes? |
Answer 1/2 - Submitted 8/4/2009
It isn't a straight percentage. The distribution will count as regular income on your tax return. If you can afford to, put aside 25% for federal and state taxes. It might not be that much, but it could be more if you're in a high bracket already -- so the 25% is just a good ballpark number.
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