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SVTPerformance's Chain of Restaurants
Road Side Pub
Inheritance $$$$$ tax's????
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<blockquote data-quote="wvmystichrome" data-source="post: 6108676" data-attributes="member: 29010"><p>If it was a 401K or IRA and you cash it in all at once you're screwed. Ask me how I know. It happened to me. My mother had me as beneficiary on her IRA of $41,000.00. I called the IRS amd the tax accountants who were working on my mother's estate. I needed to pay off her funeral and some bills. I asked if it would hurt to cash it in. They both said NO. Then I got hit with 35% penalties and it cost me about $17,000.00 of it to the Feds and state. Take the minimum distribution on the IRA yearly so taxes don't eat you up all at once.</p></blockquote><p></p>
[QUOTE="wvmystichrome, post: 6108676, member: 29010"] If it was a 401K or IRA and you cash it in all at once you're screwed. Ask me how I know. It happened to me. My mother had me as beneficiary on her IRA of $41,000.00. I called the IRS amd the tax accountants who were working on my mother's estate. I needed to pay off her funeral and some bills. I asked if it would hurt to cash it in. They both said NO. Then I got hit with 35% penalties and it cost me about $17,000.00 of it to the Feds and state. Take the minimum distribution on the IRA yearly so taxes don't eat you up all at once. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Inheritance $$$$$ tax's????
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