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Is 401K taxable when inherited?
I am a beneficiary of my step fathers 401K. All the money is pre-tax so I know there will be a 20% federal tax withholding.
He lived in Ohio and passed away in Ohio. I also live in Ohio. There is a choice on the form to deduct state taxes. My understanding is in Ohio there is no state tax on 401K inheritance. Is my understanding correct?
He lived in Ohio and passed away in Ohio. I also live in Ohio. There is a choice on the form to deduct state taxes. My understanding is in Ohio there is no state tax on 401K inheritance. Is my understanding correct?
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March 22, 2022
4:45 AM