59-Year-Old Who Inherited a $640,000 401(k) Is About to Hand the IRS $170,000
· finance.yahoo.com
Inheriting a six-figure 401(k) from a parent feels like a gift until the IRS explains the rules that most heirs never see coming, and the instinct nearly every beneficiary follows in year one turns out to be the most expensive decision they could make.
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The SECURE Act forces a 59-year-old earning $135,000 to drain an inherited $640,000 401(k) in 10 years, triggering roughly $170,000 in taxes.
Takin...