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My father just passed away and had a 401k retirement account.

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I am the only beneficiary...
My father just passed away and had a 401k retirement account. I am the only beneficiary (there is no spouse) and am executor of the estate. What are the tax implications for cashing in the 401k via a lump sum payment? (valued at about $100,000)
Submitted: 6 years ago.Category: Tax
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1/1/2012
Tax Professional: Richard, Tax Attorney replied 6 years ago
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 56,025
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Good morning. The $100,000 would be included in your taxable income and taxed at your marginal rate.

 

 

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Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Richard
Richard, Tax Attorney
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