One of my 401K accounts is closing and I would like to pay off student loans with it without taking any penalties. I know I’m reaching for the sky but it’s worth a shot.
One of my 401K accounts is closing (my company was acquired) and I would like to pay off student loans with it without taking any penalties. I know I’m reaching for the sky but it’s worth a shot.

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Not so much defunct, I not longer work for the company administering the plan. I want to use some of the funds to buy a house. How should I do it w/o incurring a bunch of tax penalties? I need to move it because I know longer work for that employer. I have a new employer with a new 401k. The old one is only worth about 15k. Right now it’s stagnant. I’m thinking of moving the remainder of it (after deducting what I need for real estate transaction) it into a non-traditional IRA. What’s the scoop on 4013B’s? Who can I trust to help me grown my little nest egg?
By the way, it has been sitting there for a year. I don’t know how to initiate an equity loan which is exactly what I want ( I think I want to invest half and use half to buy the home) But I’m almost sure that I need to transfer the money out of it’s current adm. plan before I can do anything.

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Ok if you earnt 40,000 for the year and withdrew 20,000 from your 401k how is the tax figured . I understand first of all you must pay 2000.00 on the 20,000 then do you pay taxes on 60,000 ? I have read sometimes there is a additonal 25 percent on the 20,000 along with the 10percent . Anyone know how the taxes are figured?

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I am nowhere near retirement age, but I noticed the assets in my 401K are mostly pre-tax, but there is about K that is post tax. Since I already paid tax on this, I should be able to take a distribution in this amount and not trigger any penalties or extra taxes, right? I would think any interest or capital gains on my post tax contributions would remain in the account and not be available until I take taxable distributions.

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I was wondering if anyone knows how to close out a 401k account and not put more in it. We would like to reopen after the stock market gets better, but we don’t know how to do this. If anyone has a solution please help!

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And if I can borrow from this old 401K, will I benefit myself in the long run with the balance of the 401K when paying it back?

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Since when we retire they tax a 401k more.I was wondering even with a match which one is better in the long run.

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I recently withdrew some money out of my 401K.
I paid the 10% federal penalty fee for early distribution.
How much more do I have to pay once i file my tax return? (I was told 25% in total, but how much in total does one have to pay the government when 1000 Dollars were withdrawn?)

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Assuming I reach the age of 59 1/2 how is my 401k taxed? I understand once i reach this point there are no penalties but do i end up just paying normal income tax on whatever i take?
Do I HAVE to rollover at age 59 1/2 or can it stay there longer? Also, can i roll it onto more than one IRA? Could I roll part into a Roth and the remainder into a standard?

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About every other week for 2 months, there are deductions that never seem to make it to my 401k account. Who can I report this to?

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I need to do an early withdrawal from my 401K-cash out. I understand that they will automatically deduct 20% for tax purposes. My question is that can I have them take the additional 10% penalty fee along with the 20% at the same time so I don’t have to worry about the penalty fee when tax time comes around? It is necessary for me to withdraw from my 401K at this time due to some hardship.

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Considering all I’m reading about this recession, I don’t want to lose gains or especially capital I’ve invested into SEP, IRA, and rollover 401K accounts. If the stock market crashes or if the dollar devalues , what will happen to those investments? Could I lose my capital ? Should I cash them now and put that money into a money market account? Or perhaps buy euros or yen?

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I’ve had mine for nearly 10 yrs and know it should be much larger than it is, but I just didn’t really even realize how they worked. My company has a good plan but have never REALLY explained the BASICS of what a 401k is. I have 9 different funds in it now.

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Usually I let my wife handle the bills and money, but I’m trying to take more responsibility for our cashflow. I’d like to start a 401K with my place of work, but I know almost nothing about what one is.

If you have any advice, please explain this to me as though I’m a moron, because when it comes to this sort of thing, I kind of am.

There’s a meeting on this in a couple of days, and I just want to know some of the basic terminology and how to tell if the plan my work offers is a good one. And if I don’t want to do this through my work, is there another way to do it? Through a bank, for example?

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An employee was being paid commission and had elected to make his 401k deduction 100% of his net income. Does supplemental income have to be taxed federal and state? Can he use his 401k elective to avoid paying taxes on suuplemental income?

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