Inheriting a 401k
The Pension Protection Act gives 401(k) beneficiaries reprieve from tax burden. Among the 900-pages of the Pension Protection Act of 2006 lies good news for nonspousal beneficiaries of 401(k) plans. The act grants such beneficiaries the ability to roll 401(k) funds they’ve inherited directly into a new inherited IRA established specifically to receive the 401(k) funds.
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