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-   -   Inheriting a 401K (https://www.askmehelpdesk.com/showthread.php?t=227221)

  • Jun 15, 2008, 02:32 PM
    Cathy 115
    Inheriting a 401K
    I want to withdraw a 401K that was left to my by a non-spouse person. I understand that I DO NOT have to pay a penalty; is this true, and what other taxes/penalties will I have to pay. Thanks
  • Jun 15, 2008, 07:22 PM
    Fr_Chuck
    Moved from investment
  • Jun 15, 2008, 10:58 PM
    MukatA
    Quote:

    Originally Posted by Cathy 115
    I want to withdraw a 401K that was left to my by a non-spouse person. I understand that I DO NOT have to pay a penalty; is this true, and what other taxes/penalties will I have to pay. Thanks

    In the U.S. there is no tax on inheritances. However, when you withdraw from 401K, it is taxable income for you. However, you are not subject to 10% early withdrawal penalty.

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