[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

[Fr_Chuck]

Moved from investment

[MukatA]

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.