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Started By
Message
Please delete
Posted on 10/4/17 at 11:06 am
Posted on 10/4/17 at 11:06 am
Thanks for the help
This post was edited on 10/4/17 at 8:13 pm
3
Posted on 10/4/17 at 12:29 pm to JANEDEAUX82
You pay income taxes only. Why do you have withdraw the remaining amount in 3 years?
Can you not roll it into a beneficiary IRA and use the lifetime stretch provision?
Can you not roll it into a beneficiary IRA and use the lifetime stretch provision?
Posted on 10/4/17 at 1:52 pm to JANEDEAUX82
I would suggest gathering all your documentation and go sit down with a good CPA as soon as possible.
Welcome to the tax avoidance game!
Welcome to the tax avoidance game!
This post was edited on 10/4/17 at 1:53 pm
Posted on 10/4/17 at 2:08 pm to KillTheGophers
This post was edited on 10/4/17 at 8:13 pm
Posted on 10/4/17 at 2:12 pm to JANEDEAUX82
Yeah, I am pretty sure rolling it into a bene IRA then stretching it out over your life will be the best play here.
Posted on 10/4/17 at 2:14 pm to JANEDEAUX82
the CPA will go through the 401k plan and determine what parameters are set....you need to hope that there is a stretch provision in the plan....based on your age.
When did the decedent pass away? Depending on that date, you may need to get the ball rolling now to have it finalized by year end.
When did the decedent pass away? Depending on that date, you may need to get the ball rolling now to have it finalized by year end.
Posted on 10/4/17 at 2:21 pm to Janky
What Janky said
I am weak though - Inwould roll it out today and be worthless for the next few months.
Don't fall into that trap....you will regret it
I am weak though - Inwould roll it out today and be worthless for the next few months.
Don't fall into that trap....you will regret it
Posted on 10/4/17 at 2:40 pm to KillTheGophers
(no message)
This post was edited on 10/4/17 at 8:14 pm
Posted on 10/4/17 at 2:49 pm to JANEDEAUX82
quote:
I have 1 sibling whom I have agreed to split everything with.
That is not an issue unless there were no beneficiaries listed. The 401k will be paid to the named beneficiaries. It will be two separate checks if y'all were both listed. As for the finalization it has to do with RMDs. How old was the decedent?
This post was edited on 10/4/17 at 2:50 pm
Posted on 10/4/17 at 2:56 pm to Janky
(no message)
This post was edited on 10/4/17 at 8:14 pm
Posted on 10/4/17 at 3:13 pm to JANEDEAUX82
Roll the entirety of it to an Inherited IRA, then split the RMD's as a gift transaction to the other party.
If the other party MUST get their $50k this year. Roll your half to the IRA and withdraw their portion (less your added income and gift taxes) to them.
If the other party MUST get their $50k this year. Roll your half to the IRA and withdraw their portion (less your added income and gift taxes) to them.
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