Should my boyfriend withdraw from his 401k to buy a new car?


Posted April 16th, 2009 by admin 4 Comments »
401k
curious mind asked:


My boyfriend is only 21 years old with a significant amount of $$$ in his 401k and hes thinking about getting a new car. Should he withdraw from his 401k account or get a loan from his 401k account?

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Posted in Personal Finance | 4 Comments »

Do you have to report a 401k account if you never withdrew from it?


Posted March 19th, 2009 by admin 3 Comments »
401k
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.

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Posted in United States | 3 Comments »

I deposited a check from a 401k that I was changing and they took out taxes. Will I get penalized?


Posted March 16th, 2009 by admin 8 Comments »
401k
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?

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Posted in United States | 8 Comments »