- Jurisdiction
- Georgia
Hello,
I've a question about the penalties or taxes due on cashing out an inherited 401K plan.
I am inheriting a deceased family member's 401K account and I am the sole beneficiary on the account.
I am trying to find out if there are any taxes due (state, federal, etc.) or penalties for cashing out the 401K account once it has been transferred into my name.
The original account owner passed away at age 57 and I am 37 years old.
Thanks
I've a question about the penalties or taxes due on cashing out an inherited 401K plan.
I am inheriting a deceased family member's 401K account and I am the sole beneficiary on the account.
I am trying to find out if there are any taxes due (state, federal, etc.) or penalties for cashing out the 401K account once it has been transferred into my name.
The original account owner passed away at age 57 and I am 37 years old.
Thanks