Answer

Did you receive a distribution from the retirement account? Were you a beneficiary on the account? If yes, than you will receive the money. You do not have to put in a retirement acc0unt in your name.

If you cash the funds than you will owe tax on the distribution amount your receive. The tax will depend on your total income and tax bracket. There is no penalty on such distribution.

Let me know if you have any question.

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.