Did you know that if you inherit a retirement account from a loved one you may be required to pay income tax on the whole thing right away?
Inheriting a retirement account like a 401(k) or an IRA is more complicated tax-wise than if you’d been left a house or a set of golf clubs. Here’s a tip on how to use a “stretch out” to avoid being hit with a big tax bill.
© 2006-2018 Michael DiSabatino, CPA. All Rights Reserved.