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JANEDEAUX82
Member since Oct 2017
4 posts

Please delete
Thanks for the help
This post was edited on 10/4 at 8:13 pm


Janky
LSU Fan
Team Primo
Member since Jun 2011
19788 posts
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re: Please delete
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?


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KillTheGophers
Texas Fan
Nawtheastlouisiana
Member since Jan 2016
2140 posts

re: Please delete
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!



This post was edited on 10/4 at 1:53 pm


JANEDEAUX82
Member since Oct 2017
4 posts

re: Please delete
This post was edited on 10/4 at 8:13 pm


Janky
LSU Fan
Team Primo
Member since Jun 2011
19788 posts
 Online 

re: Please delete
Yeah, I am pretty sure rolling it into a bene IRA then stretching it out over your life will be the best play here.


KillTheGophers
Texas Fan
Nawtheastlouisiana
Member since Jan 2016
2140 posts

re: Please delete
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.



KillTheGophers
Texas Fan
Nawtheastlouisiana
Member since Jan 2016
2140 posts

re: Please delete
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


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JANEDEAUX82
Member since Oct 2017
4 posts

re: Please delete
(no message)
This post was edited on 10/4 at 8:14 pm


Janky
LSU Fan
Team Primo
Member since Jun 2011
19788 posts
 Online 

re: Please delete
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 at 2:50 pm


JANEDEAUX82
Member since Oct 2017
4 posts

re: Please delete
(no message)
This post was edited on 10/4 at 8:14 pm


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Golfer
LSU Fan
Member since Nov 2005
67893 posts

re: Please delete
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.


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