@Opus 17 , @DoninGA , @Bsch4477
I found out that I'll actually be inheriting 2 separate 401K plans as the beneficiary. I'm a non-spousal beneficiary.
The 1st 401K plan is a traditional pretax 401K with about $30K.
The 2nd plan contains both pretax 401K & Roth 401K funds. The pretax funds are $5K and about $100K in Roth 401K funds.
What would the taxes due be for federal and state (GA) for cashing out these two 401K plans?
I believe there is no 10% penalty for both 401K plans because I'm inheriting the funds due to original owner dying correct?
Will the Roth 401K portion of the funds be taxed and counted as income or this only applies to the pretax portion of the 401K funds?
Thanks
