Ask Tax Questions
Submit A Tax Question, Receive Answers From Tax Professionals Worldwide. It’s Free!
Submit Tax Question3 Questions for topic: 401K
I inherited a qualified retirement plan from my deceased spouse's 401K Plan. Do minimum distribution rules apply to the inherited account balance?
9 weeks ago, Delaware, USA
My brother-in-law worked at shuffle master for 10 years and at 65 has accumulated a 401k that he would like to liquidate in order buy a home. Will he have to pay a penalty, will he be taxed at ordinary income rates or will this be considered a long term capital gain? And, does it matter what he does with the money?
Answered by William Keats
He can liquidate the 401K at 65 without a penalty, if the trustee plan allows the withdrawl. If he is not retiring, he should leave the 401K... Read More
Comments (0)
22 weeks ago, Nevada, USA
I need to move my 401K from a past employer, what is the best way to do that so I don't get hit with huge fees? Where is the best place to put the money?
A direct rollover is probably your best bet. Find a good financial advisor - open up an IRA account - it will usually be coded as a rollover... Read More
Comments (0)
30 weeks ago, California, USA
™
