2006-08-16 08:33:36 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
If your father has money in his 401K, he would also have a will and a lawyer or an estate executive... who would be able to answer this question for you. Your father's estate will have to go thru Probate in the courts... and that takes quite a while to finish... and then you will get a completed account of what you will inherit and how much you will have to pay in Death Tax, Inheritance Tax, and Probate costs... There may not be much left after all that. Good Luck... Oh yea, you may want to get an opinion from a lawyer when you get the finished Probate report. Good Luck!!!
2006-08-16 08:56:38 · answer #1 · answered by Callie Kitty 5 · 0⤊ 0⤋
If you don't pull the money out, you shouldn't be responsible for the taxes. Talk to a financial planner and roll the money over into either an IRA or another 401(k).
2006-08-16 08:53:43 · answer #2 · answered by sylvia 6 · 0⤊ 0⤋
You should call whoever the money is coming from, for example it might come from PERS or SSI, in fact we dont even know the amount, so we cant tell you how much you will pay in taxes. Call human resources of his former job.
2006-08-16 08:39:48 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If it is like 30 k and he left it too you in his will,you will recieve it at the steped up basis and will not haveto pay capital gains taxes but inherintences taxes will be due.If this really happened you would be talking to a lawyer not us.
2006-08-16 09:38:23 · answer #4 · answered by Anonymous · 0⤊ 0⤋
leave it there and roll it over...
2006-08-16 08:40:28 · answer #5 · answered by Anonymous · 0⤊ 0⤋