Hi all,
My mom passed in April of last year, we have received the bulk of what she left, but i have a question about the three inherited 401K/IRA.
I have two siblings, and my mom had an IRA with one bank, a 401k with one employer and another 401k with a third employer.
First IRA my share is $10K and already moved into an inherited IRA that I have either 5 or ten years to withdrawal.
second 401k my share is $14k ish, that is already moved to my name, but they say I have to take the whole amount out 1 year after her death which is rapidly approaching.
and the third my share is 6K, and they wont release any of it until they have what I plan to do with it, so my siblings are bugging me.
I am trying to reduce the amount of taxes on these, my idea would be to just take the money out from both 401k's and increase my employer 401k to max it over the year to completely offset the money I'd get from her accounts. as well as max my IRA, and my wife's, or increase the amount that goes into her pension which I think is pretax to off set the two.
id like to just roll them over but that seems more of a pain if its even possible
Thank you for any help