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    Mablep50's Avatar
    Mablep50 Posts: 1, Reputation: 1
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    #1

    Feb 3, 2006, 12:35 PM
    Inheritance
    My husband will be receiving an inheritance from an Aunt who past away. He will be receiving funds from a 401K account which we were told is all taxable and then from the sale of her home. Need some suggestions on how not to lose too much to Uncle Sam. Any help will be appericated.
    fredg's Avatar
    fredg Posts: 4,926, Reputation: 674
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    #2

    Feb 3, 2006, 02:55 PM
    Hi, Mablep,
    In my area, a CPA to do taxes with interest income, 401K withdrawals, etc, will run around $150 total for doing both Federal and State taxes in VA.
    I strongly urge you to talk with a local person, or company, NOT H R Block, who is a CPA and does taxes.
    The money you pay them will be well worth it. Since you have varied incomes, with interest and probably dividends as well, on top of 20% taken out for Federal taxes on your 401K, as well as possibly oweing State Income tax, ( if you have one), they could really help you. Best of luck.
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