Posted March 30th, 2009
by admin
va_girl asked:
I opened a money markey IRA, and was going to converit it to a Roth IRA (im 23) and have rolled my $3,500 from my 401K into my new IRA. When will I have to pay taxes on my $3,500 and when will I pay taxes on my new contributions? Im not sure if I should keep the money market, or change to the Roth. Thanks!
Tags: 401k, Money Market, Roth Ira
Posted in United States | 3 Comments »
Posted March 30th, 2009
by admin
chillair23 asked:
I just realized that I contributed $1000 to ROTH IRA for 2007, but I also contributed $4000 to Traditional IRA. I assume it is not ok, but I don’t know what I should do now. I don’t think it will affect my refund, but do I still need to file corrections? Thanks for any help!
Tags: Ira Contribution, Roth Ira, Traditional Ira
Posted in United States | 2 Comments »
Posted March 26th, 2009
by admin
Leela asked: I started out with two mutual funds. When I transferred them to a new investment company those two funds were used to buy three new mutual funds. This year I sold all three funds. I’m using turbo tax and I understand how to report the three I sold but I really lost on how to report the first two I had and never actually got any cash for.
There were no gains or losses on them so I’m not sure how to enter the information. Help!
Tags: Lost, Mutual Funds, Turbo Tax
Posted in United States | 2 Comments »
Posted March 19th, 2009
by admin
JustAGuy asked:
My employer set up 401k accounts for us and contributed a set amount to it. As of right now, neither I or my employer contribute to this account (I just found out about it). There is approximately $60 in the account. I am not sure how to report this or if you need to report this on Federal and state taxes (I am in NJ). I did not receive any form other then the account statement from the 401K provider.
Tags: 401k Account, 401k Accounts, State Taxes
Posted in United States | 3 Comments »
Posted March 18th, 2009
by admin
dayzigrl asked:
My rebate is going to be deposited into a closed account. I need to change my bank account info with the IRS>
Tags: Bank Account Info, Bank Accounts, Tax Refund
Posted in United States | 4 Comments »
Posted March 16th, 2009
by admin
Rick M asked:
I deposited a check from a 401k that I was changing and they took out taxes. Will I get penalized for receiving the check and then depositing it into another 401k account even though they already took out the taxes?
Tags: 401k Account, Taxes
Posted in United States | 8 Comments »
Posted March 16th, 2009
by admin
kmcpmgoodson asked:
I am considering buying a house that I would immediately have to build on to. I have about $64k in equity on my current home, but if that is not enough I am considering taking $20k out of my 401k to supplement the building costs. If I do this how stiffly will I be penalized by the IRS for withdrawing the money?
jerryguy I would give your rhyme about a 7 out of 10. You scored that high because you incorporated the 20k and the buying a “crib” in it, which I appreciated. It was a little awkward though.
Tags: 401k, Buying A House, Current
Posted in United States | 6 Comments »
Posted March 14th, 2009
by admin
Pacman asked:
Mother passed in Sept 05 (she was 61) and I’m the beneficiary on her 401K accts. Trying to determine the best route to avoid paying high taxes. In the short term, I am looking at possibly using some monies from the accts to help fund a new business. I’m in my mid-30s. What are my options?, how soon do I need to act?, and what is the best route to avoid paying a bunch of taxes?
Tags: Beneficiary, Best Route, Paying Taxes
Posted in United States | 3 Comments »
Posted March 14th, 2009
by admin
vincentC asked:
My situation: I joined the company 401k plan in the mid-December 2006. Which I thought will start from beginning of 2007. However, my company started draw the money immediately and I didn’t notice until I got my W2 form recently. The 401k deduction is only $769 for year 2006. I have already put money on my IRA account which I can put $5000 for 2006, I’m 50 years old. Based on the IRS rule, I could not contribute to IRA if I have 401k and have AGI more than $80000 in 2006 which I did. Is there any way that I can change the 401k contribution to non-deductible, so I can contribute to my IRA?
Tags: 401k Plan, Ira Account, W2 Form
Posted in United States | 2 Comments »
Posted March 10th, 2009
by admin
ashok a asked:
In Box transactions of rolled over 401K plan with the broker on line and if such profits and loss a/c show overall loss,with some transactions profiting and some loosing,how that is taxed or will not be taxed if no money is withdrawn?
Tags: 401k Plan, Money, Profits
Posted in United States | 2 Comments »
