2007-11-30 06:18:38 · 5 answers · asked by cashmere 1 in Business & Finance ➔ Personal Finance
So you inherited it. You might have to pay inheritance taxes on it if they apply.
2007-11-30 06:22:11 · answer #1 · answered by countryguyhfc 5 · 0⤊ 2⤋
If you inherit it there are NO taxes. Someone said that you might have to pay inheritance taxes. That is incorrect. Inheritance taxes are NEVER paid by the recipient. They are paid by the estate of the deceased person. If it were your 401-k you would be subject to tax. But receiving the funds as a beneficiary are not taxable. Enjoy!
2007-11-30 07:16:50 · answer #2 · answered by jwishz 7 · 0⤊ 0⤋
Income Taxes - Yes
10% Penalty - No
As the money has never been taxed before, it is taxed when you withdraw it but there is no 10% penalty like there would be if it were your 401k that you were cashing out early.
2007-11-30 06:23:06 · answer #3 · answered by Wayne Z 7 · 1⤊ 0⤋
Hi,
I think you have to pay an inheritance tax or fee or something like that if you inherit more than so much, but im not sure how much exactly sorry. Dont know if this helps.
2007-11-30 06:38:13 · answer #4 · answered by Abbie B 1 · 0⤊ 1⤋
You will only be liable for inheritance tax if it's over 500k. Not sure if any other tax applies tho.
2007-11-30 06:43:28 · answer #5 · answered by Anonymous · 0⤊ 2⤋