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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29938
Experience:  Taxes, Immigration, Labor Relations
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I want to buy house $ 235I which I should use first inherete

Customer Question

I want to buy house $ 235I which I should use first inherete 401k or IRA to pay less tax or no tax
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

If you inherited 401k plan or IRA - and will take distributions - that distribution will be taxable.
If you take distribution from your own retirement plan - you might be liable for 10% penalty if you are below 59 1/2.

For inherited IRA or inherited 401k plan - there is no penalty regardless of your age - but regular tax liability still will apply.

Expert:  Lev replied 1 year ago.

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I am here to help you will all tax related issues.