Retirement Planning Now » 401k http://retirementplanningnow.net Finding The Best Solutions And Ideas For Planning For Your Retirement. Fri, 03 Feb 2012 00:34:34 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Can I roll my 401K into my student loans without any penalties? http://retirementplanningnow.net/can-i-roll-my-401k-into-my-student-loans-without-any-penalties.htm/ http://retirementplanningnow.net/can-i-roll-my-401k-into-my-student-loans-without-any-penalties.htm/#comments Mon, 31 Jan 2011 16:49:13 +0000 admin http://retirementplanningnow.net/can-i-roll-my-401k-into-my-student-loans-without-any-penalties.htm



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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]]> http://retirementplanningnow.net/can-i-roll-my-401k-into-my-student-loans-without-any-penalties.htm/feed/ 6 Where should I put the remains of a defunct 401K? http://retirementplanningnow.net/where-should-i-put-the-remains-of-a-defunct-401k.htm/ http://retirementplanningnow.net/where-should-i-put-the-remains-of-a-defunct-401k.htm/#comments Sun, 30 Jan 2011 16:49:07 +0000 admin http://retirementplanningnow.net/where-should-i-put-the-remains-of-a-defunct-401k.htm



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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]]> http://retirementplanningnow.net/where-should-i-put-the-remains-of-a-defunct-401k.htm/feed/ 1 If a person earnt 40,000 for the year and withdrew 20,000 from a 401k what is the amount of tax one would pay? http://retirementplanningnow.net/if-a-person-earnt-40000-for-the-year-and-withdrew-20000-from-a-401k-what-is-the-amount-of-tax-one-would-pay.htm/ http://retirementplanningnow.net/if-a-person-earnt-40000-for-the-year-and-withdrew-20000-from-a-401k-what-is-the-amount-of-tax-one-would-pay.htm/#comments Sat, 29 Jan 2011 19:12:53 +0000 admin http://retirementplanningnow.net/if-a-person-earnt-40000-for-the-year-and-withdrew-20000-from-a-401k-what-is-the-amount-of-tax-one-would-pay.htm



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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]]> http://retirementplanningnow.net/if-a-person-earnt-40000-for-the-year-and-withdrew-20000-from-a-401k-what-is-the-amount-of-tax-one-would-pay.htm/feed/ 2 Anything tricky about taking a post-tax distribution from 401K? http://retirementplanningnow.net/anything-tricky-about-taking-a-post-tax-distribution-from-401k.htm/ http://retirementplanningnow.net/anything-tricky-about-taking-a-post-tax-distribution-from-401k.htm/#comments Fri, 28 Jan 2011 19:13:08 +0000 admin http://retirementplanningnow.net/anything-tricky-about-taking-a-post-tax-distribution-from-401k.htm



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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]]> http://retirementplanningnow.net/anything-tricky-about-taking-a-post-tax-distribution-from-401k.htm/feed/ 2 My husband and I have a question concerning a 401k account? http://retirementplanningnow.net/my-husband-and-i-have-a-question-concerning-a-401k-account.htm/ http://retirementplanningnow.net/my-husband-and-i-have-a-question-concerning-a-401k-account.htm/#comments Thu, 27 Jan 2011 19:12:49 +0000 admin http://retirementplanningnow.net/my-husband-and-i-have-a-question-concerning-a-401k-account.htm



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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]]> http://retirementplanningnow.net/my-husband-and-i-have-a-question-concerning-a-401k-account.htm/feed/ 8 Can I borrow from an old 401K for my first home purchase? http://retirementplanningnow.net/can-i-borrow-from-an-old-401k-for-my-first-home-purchase.htm/ http://retirementplanningnow.net/can-i-borrow-from-an-old-401k-for-my-first-home-purchase.htm/#comments Wed, 26 Jan 2011 19:12:59 +0000 admin http://retirementplanningnow.net/can-i-borrow-from-an-old-401k-for-my-first-home-purchase.htm



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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]]> http://retirementplanningnow.net/can-i-borrow-from-an-old-401k-for-my-first-home-purchase.htm/feed/ 2 Is it smarter to put more money in a 401k that matches 6 percent or a roth ira? http://retirementplanningnow.net/is-it-smarter-to-put-more-money-in-a-401k-that-matches-6-percent-or-a-roth-ira.htm/ http://retirementplanningnow.net/is-it-smarter-to-put-more-money-in-a-401k-that-matches-6-percent-or-a-roth-ira.htm/#comments Tue, 25 Jan 2011 16:48:43 +0000 admin http://retirementplanningnow.net/is-it-smarter-to-put-more-money-in-a-401k-that-matches-6-percent-or-a-roth-ira.htm



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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]]> http://retirementplanningnow.net/is-it-smarter-to-put-more-money-in-a-401k-that-matches-6-percent-or-a-roth-ira.htm/feed/ 5 How much do I have to pay in taxes if i took money out of 401K? http://retirementplanningnow.net/how-much-do-i-have-to-pay-in-taxes-if-i-took-money-out-of-401k.htm/ http://retirementplanningnow.net/how-much-do-i-have-to-pay-in-taxes-if-i-took-money-out-of-401k.htm/#comments Mon, 24 Jan 2011 16:48:54 +0000 admin http://retirementplanningnow.net/how-much-do-i-have-to-pay-in-taxes-if-i-took-money-out-of-401k.htm



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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]]> http://retirementplanningnow.net/how-much-do-i-have-to-pay-in-taxes-if-i-took-money-out-of-401k.htm/feed/ 8 How is a 401k taxed assuming I reach retirement age? http://retirementplanningnow.net/how-is-a-401k-taxed-assuming-i-reach-retirement-age.htm/ http://retirementplanningnow.net/how-is-a-401k-taxed-assuming-i-reach-retirement-age.htm/#comments Sun, 23 Jan 2011 19:12:59 +0000 admin http://retirementplanningnow.net/how-is-a-401k-taxed-assuming-i-reach-retirement-age.htm



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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]]> http://retirementplanningnow.net/how-is-a-401k-taxed-assuming-i-reach-retirement-age.htm/feed/ 2 Who do you contact when your employer is deducting 401K but it is not being put in your account? http://retirementplanningnow.net/who-do-you-contact-when-your-employer-is-deducting-401k-but-it-is-not-being-put-in-your-account.htm/ http://retirementplanningnow.net/who-do-you-contact-when-your-employer-is-deducting-401k-but-it-is-not-being-put-in-your-account.htm/#comments Sat, 22 Jan 2011 21:37:07 +0000 admin http://retirementplanningnow.net/who-do-you-contact-when-your-employer-is-deducting-401k-but-it-is-not-being-put-in-your-account.htm



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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