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SVTPerformance's Chain of Restaurants
Road Side Pub
basic question about retirement funds and wills?
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<blockquote data-quote="oldmodman" data-source="post: 8310901" data-attributes="member: 10303"><p>First question. What type of fund it it?</p><p></p><p>Roth Ira. All taxes have already been paid as long as the account is five years old or older.</p><p>If the account is for less than X number of dollars it may be free of taxes on the inheritance.</p><p></p><p>401K or SEP IRA. You will have to pay taxes on the amount that the account has earned, plus the original amount paid into the account. As to paying taxes on the inheritance amount after the initial taxes are paid I would contact a CPA or tax preparer. </p><p></p><p>Stock trading account. You would have to pay taxes on all profits. And get tax credit for the losses.</p></blockquote><p></p>
[QUOTE="oldmodman, post: 8310901, member: 10303"] First question. What type of fund it it? Roth Ira. All taxes have already been paid as long as the account is five years old or older. If the account is for less than X number of dollars it may be free of taxes on the inheritance. 401K or SEP IRA. You will have to pay taxes on the amount that the account has earned, plus the original amount paid into the account. As to paying taxes on the inheritance amount after the initial taxes are paid I would contact a CPA or tax preparer. Stock trading account. You would have to pay taxes on all profits. And get tax credit for the losses. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
basic question about retirement funds and wills?
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