Estate Law Questions? Ask an Estate Lawyer.
Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.
Yes it would be as income unless he rolls it over himself into one in his name.In most cases when you go to the bank they offer you both choices either roll it over or cash it out and they will send you the 1099 at the end of the year.If he took the cash he has to pay the tax on it here, it is added to his income for that year.It is one of the few things that are inherited that are taxable.
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Thanks so much I appreciate the chance to help you .
It was a one time question as far as I can tell.
FBO for the benefit of for your refernce