CPAs, pretty please

acaudill75

If my mom has a retirement 401K type plan, and has say 300k in it, what are the taxes on it if she withdraws everything at once. She is 67 and retired, getting social security. If she took it out and passed away in the same year, can they tax her estate for the amount?

What would be the taxes I would pay on it if I were to inherit the full amount, or could I roll it into my retirement and avoid taxes?

Its so gross that I am even concerned with this, but I don't want to pay 100k in taxes, nor does she, because we don't know what we are doing.

TIA.

smile50208

Call the advisor on the account and they can walk you through the steps. I'm sorry I can't be more help, I work in this field but compliance does not allow me to give advice on these types of medias.

seanandmindy2

smile50208:

Call the advisor on the account and they can walk you through the steps. I'm sorry I can't be more help, I work in this field but compliance does not allow me to give advice on these types of medias.

 This

acaudill75

Thanks.

I read that if I roll it over into an IRA that is titled the same as how my mom has it, and have the check made payable to that retirement account, and not me, then it is treated the same as money I have put in pre-tax. It used to be that only spouses could do this, but they are allowing children and siblings to do this now (as of 2007).

Hopefully I read it correctly. Once I know the company managing the account, I will call an advisor.