Posted February 27th, 2009
by admin
dlkendra asked:
If I have a rollover 401k that has decreased in value from $17,000 to $11,000, and I withdraw the balance, how will the capital losses be considered when taxes and penalties are charged?
Tags: Rollover 401k, Taxes, Withdrawl
Posted in United States | 2 Comments »
Posted February 27th, 2009
by admin
cj asked:
and if so how do i do it on my taxes?
problem is i took a 401k loan out and then lost my job and money was spent on down payment of house
Tags: 401k Loan, Job, Lost Money
Posted in United States | 4 Comments »
Posted February 24th, 2009
by admin
Concerned asked:
My husband has been out of work and we have separate 401k plans but need to take a lump sum from his plan to help with the bills or we won’t have a place to live.
1. How long does this process take?
2. We want to opt for the 10% and 20% tax and penalty to be taken out before the disbursement. Will we be taxed or penalized again on it when we file our taxes?
Tags: 401k Plans, Disbursement, Lump Sum
Posted in United States | 4 Comments »
Posted February 22nd, 2009
by admin
kimberly03051 asked:
I owe the IRS 7K for taxes this year. The money I owe is for taking an early withdrawal from our 401K to fix the bathroom. I’m not sure it counts as a hardship, but the bathroom was mold infested and needed to be gutted everything replaced. Can i take more money out of my 401K to pay the taxes due and not have to incurr another penalty?
Tags: 7k, Money, Pay Taxes
Posted in United States | 6 Comments »
Posted February 19th, 2009
by admin
Jeremy asked:
I recently cashed out some Stocks and Savings Bonds and was wondering how much I had to save for taxes. I cashed out $6,750 in Savings Bonds and $4,500 Stocks. I’m gonna file single and no taxes have been paid on any of the stocks or bonds and this is for 2007. Is it still 10% up to $7825 then 15% on the rest? If that is my only income in 2007 am I right that I’ll owe roughly $1,300 for 2007? Doesn’t have to be exact just making sure I save what I’ll need to pay for taxes so I won’t be in debt. This is the 1st time I’ve messed with stocks and bonds (Oh yeah, They were EE bonds) and not sure about taxes on them. Thanx
Tags: Hey, Pay Taxes, Savings Bonds
Posted in United States | 6 Comments »
Posted February 18th, 2009
by admin
kydadoflouisville asked:
I recently got divorced. I have to sign over 1/2 of my 401k to her. I am thinking of asking her to buy her out less any taxes she would have been charged. What percentage is taken out of a 401k when removed. I am trying to think of an offer to give her. The 401k is not alot. (24,000) She gets 12k. Any Ideas?
Tags: 401k, Alot, Taxes
Posted in United States | 6 Comments »
Posted February 18th, 2009
by admin
Bala Gopalakrishnan asked:
I have a 401K that is vested for around 100000 US$ and I am allowed to take it after I leave the employer. I do plan to go back to India. Is it possible to take 15,000 $ per year and avoid paying federal and state taxes ( Since Iam out of country and not a resident + it falls with less income per annum). Is there a penalty that I have to pay while taking money out. I will have closed all my bank accounts except this IRA/401K account and so how would I pay the penalty and any taxes that might occur. Please advice.
Tags: India, Ira Account, Money
Posted in United States | 3 Comments »
Posted February 18th, 2009
by admin
zaxxon asked:
What if, in the hypothetical case, I cashed my 401K, paid nothing to the IRS and ran away to a foreign country to never come back to the US?
Tags: 401k, Hypothetical Case, Irs
Posted in United States | 3 Comments »
Posted February 15th, 2009
by admin
skybelle24 asked:
I have to have a $25,000 surgery not covered by insurance. I’m thinking of cashing out my 401K and someone told me that you can do it tax free for medical bills. Is this true?
I’m only 25 so it’s not like I can’t build back up my 401K…
Tags: 401k, Insurance, Medical Bills
Posted in United States | 8 Comments »
Posted February 15th, 2009
by admin
tooty1117 asked:
I received distribution of a portion of my 2006 401k contributions in early 2007 because of failure of 401k plan for high income earners. I reported this on my 2006 taxes. I received a 1099R in 2008 for 2007. How do I report this since I’ve already included it in 2006 taxes?
Tags: 1099r, Failure, Income Earners
Posted in United States | 1 Comment »
