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Ok shortish version is my dad passed away in 2018, he was 62 and still working.
I fought with his 401k provider HCA almost instantly as the eldest son/executor. They moved his balance to another HCA account in my name and then wouldn't let me log in without a 3-4 ID (a user name). I figured it was in an account and I didn't need it at the moment so I lieu of a headache I left it. Today I found out that I have 5 years from death to either withdraw a lump payout of ~$20k or roll to Inherited IRA. Either way Death Taxes will be taken.
As a low income family is there a reason not to do the rollover? A lump pay will kick us into a high tax bracket possibly (maybe I'm wrong already assuming that, it's a small amount but more than I've seen in one check before). IRA would pay some minimum amount regularly which I would just put in my personal Roth and being less I think taxes would stay more or less the same.
Anyone on here have personal experience or insight into this obscure stupid part of adulting? I'm not sure and just wanna be sure I understand what I'm dealing with in general. Thanks!
I fought with his 401k provider HCA almost instantly as the eldest son/executor. They moved his balance to another HCA account in my name and then wouldn't let me log in without a 3-4 ID (a user name). I figured it was in an account and I didn't need it at the moment so I lieu of a headache I left it. Today I found out that I have 5 years from death to either withdraw a lump payout of ~$20k or roll to Inherited IRA. Either way Death Taxes will be taken.
As a low income family is there a reason not to do the rollover? A lump pay will kick us into a high tax bracket possibly (maybe I'm wrong already assuming that, it's a small amount but more than I've seen in one check before). IRA would pay some minimum amount regularly which I would just put in my personal Roth and being less I think taxes would stay more or less the same.
Anyone on here have personal experience or insight into this obscure stupid part of adulting? I'm not sure and just wanna be sure I understand what I'm dealing with in general. Thanks!