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401k and 403b Plans

Parent Category: Retirement Planning
Tax-deferred savings plans. In the case of Roth 401(k) plans, withdrawals are tax-free whereas contributions to standard 401(k) plans are pre-tax and profits are taxable at the time of withdrawal.
It is possible that you could. 401k's have what's called a vesting  schedule. All that means is you have to wait a certain amount of  time to actually own the employer's contribution. Some matches are  yours from day one. Most plans aren't like that though, so I would  read through the info on...
No. Your consequences for the overpayment will be reported and you  will have to file an amendment for the year in which the  overpayment occurred.
Answer . I had a client in the same situation. (I assume you are the person who took out the loan on your own 401(k) ). When the rollover took place, the amount of the outstanding loan was deducted from the rollover amount. So the loan was paid off when the rollover was made. . As a broad...
Yes, you will receive a 1099-R for and IRA Rollover. Don't forget to attach to your taxes.
No, there is no age limit on putting money into a 401k. As long as you are still employed by the employer that sponsors the 401k, you are allowed to continue making tax-free contributions into the 401k. Required Minimum Distributions (RMDs) from qualified employer plans generally must begin for the...
The standard withholding on all withdrawals for 401k plans is 20%. There are two exlcusions to this and that is Required Minimum Distributions and Hardship Withdrawals. In addition, some plans also allow you to choose your withholding amounts on installment payments. Therefore, you can elect to have...
401K accounts are regulated by the IRS. Typically, you're not able to withdrawal the funds in the account unless you're 59 1/2 years old or terminated from the employer you established the 401K with. Some 401Ks allow you to take a hardship withdrawals. The criteria for the hardship withdrawal is...
The penalty for early withdrawal of a 401K account is 10%. There are a few exclusions to the penalty, such as:Attainment of age 59 1/2.Age 55 when terminated.Permanently disabled.Monies are indirectly rolled over.Monies were used for medical expenses.If the account is paid out in installments.If you...
minimal assistance from gov
You would not want to do this in any way. The Roth would be taxedis as a distribution including penalties.
No - When you're completing a rollover to a new plan, whether it be an IRA, 403B, 457, or 401K, it is considered to be a "Lump Sum Distribution" of the account. When you take a "Lump Sum Distribution" it automatically defaults the loan on your 401K. "Default" means that it is reported to the IRS as...
You own your 401k so when you leave your employer you still own your 401k. You can either leave it where it is or you can move it to which ever company manages the 401k investments for your new employer.how do i git access to my 401k from this company so i can transfer or cash it in.
16500 Looks like the IRS just released the 401k max contributions for next year. Unfortunately they're staying the same at $16,500. Inflation is to blame, or rather lack thereof. Which is too bad for all us prodigious savers!
The maximum pre-tax contribution to the 401k is $16,500. If you're over the age of 50 you're able to contribute an additional $5,500 as a catch-up contribution.
Yes. When you obtain the age of 70 1/2 years old, the IRS requires that you begin taking portions of your account balance depending on life expectancy. (This is referred to as your RMD or Required Minimum Distribution) Your plan's record keeper will typically send you notifications in the mail to...
402g Limit is $16,500. Catch-Up contribution limit is $5,500.
Yes, a 401(k) plan may be seized by a judgment creditor after a civil lawsuit even though you personally are not entitled to take the funds out without a tax penalty. If the 401(k) is seized, you will probably have to pay the taxes and penalties just as if you had taken out the funds yourself and...
Some companies have what is called "Automatic enrollment." Basically, with in so many days of your hire date they automatically enroll you into the 401k plan and place you in a default investment. You have the option to opt out of the automatic enrollment but, you do not have the option to "forbid"...
Yes. One of the exclusions to the 10% penalty is if you're receiving these monies as a beneficiary or a QDRO recipient. (QDRO - Qualified Domestic Relations Order. Recieved from a divorce settlement.)
You should have $260,000 in when you are 40.
  Per the FDIC website: http://www.fdic.gov/consumers/consumer/information/fdiciorn.html   What Is Not Insured? Increasingly, institutions are also offering consumers a broad array of investment products that are not deposits, such as mutual funds, annuities, life insurance policies, stocks...
In some states your unemployment benefits would be offset by the disbursement, especially that part of it which was contributed to by your employer. This is generally done in the week received against the week you got benefits. <><>This depends on what state you work in. Some are very...
Yes if you filed a join tax return Or you have a join bank account. IRS will garnish 401k because they see it as a income.
== Answer ==   To have a Solo 401k you have be the sole proprietor of a business, be in a partnership or establish a corporation. Essentially, you need to be self employed;not employed by another.   To not have to file tons of paperwork, you should not have any employees except a spouse. If...
You can collect from a 401K at any age; however, there are withdrawal penalties as well as tax penalties until age 59-1/2. After 59-1/2 you will still have the penalty of it being taxable income, but the early withdrawal penalty goes away. the goal is to delay withdrawals until retirement when your...
 In the United States, a 401(k) plan is the tax-qualified,  defined-contribution  pension account  defined in subsection 401(k) of the Internal Revenue  Code.[1]  Under the plan, retirement savings contributions are provided (and  sometimes proportionately matched) by an employer, deducted...
Many plans allow employees to take http://www.answers.com/topic/loan from their 401(k) to be repaid with after-tax funds at pre-defined http://www.answers.com/topic/interest. The interest proceeds then become part of the 401(k) balance. The loan itself is not taxable income nor subject to the 10%...
See the link I added below under "related links".
Employers also can make contributions to this type of plan.
  Like you, I could not find any ticker symbols for these funds. You could ask Mutual of America what they are.   Where do you have these funds? Is it in your 401k plan?   Some 401k plans have funds that do not have a ticker symbol. Usually these funds will be a "kissing cousin" to a...
If by "foreclosure" you mean that the mortgage lender is taking your home back, yes they are prtected. However, if you really mean BANKRUPTCY, no, they are NOT protected, since they are assets you can use to reimburse your creditors.
I was enrolled in Primerica in 2003-2006 with Enviromental Delivery Systems Friendswood Texas .I never received any statements as to the funds accruing on any invesment monies. I need to know where I can get this information from. My name is Christpher Prince and I can be reached at maxkech@yahoo...
It depends on your needs, your age, and more. There are many comparison charts available online; one of the more comprehensive is linked below.
  == Safeway 401k advice ==   Try this website:   http://www.fundadvice.com/401k-help/401k-plans/401k-safeway.html 
if i am getting unemployment benefits in florida and take money from my 401k does that disqualify me from unemployment benefits
He either: a. still loves her or b. didn't realize she is still on is 401k plan
a 457 is like a 401k, but it is usually offerred by governments  rather than businesses.   an IRA is an Individual Retirement Account...with the emphasis on  individual.   Ira is not typically offered to employees by a business   The withdrawal rules of a 457 are different from a 401k ...
You can have some income tax withheld from the distribution amount are you can choose to make some quartely estimated tax payments or you can wait until you file your income tax in the next year after the year that you receive the distribution amount by the due of your income tax for the previous...
You should get periodic statements or you can check with your employer for contact info.
This is a type of retirement plan. Your company will put part of your paycheck aside in a special bank account (which they will use to draw interest for the company). Then, when you retire, the money comes to you. Here are some sentences. . Do you have a 401K? . You can sign up for our 401K plan...
investing for retirement.
when you withdraw the money, yes.
You first have to take a test called the COCAT. After you take that you have to make either a 75% or above to make it.Briley,5th grade AIG student
After age 59 1/2 the taxable amount of your distribution will be added to all of your other gross worldwide income and taxed at your marginal tax rate form the -0- % to the maximum 35% rate for the year 2010.
Annuities are considered Life Insurance, so if the agent isn't selling a variable annuity, he doesn't have to be securities licensed.
Tax-deferred wages is a reference to income of which there is no  tax withholding. The taxes on the wages will be deferred until the  end of the year.
The MAX amount you can draw is 300k.
To determine your 401K balance, allocation, and contribution  history, you should first contact your Human Resources Department.  They will most likely direct you to an online portal for your Plan  Sponsor. If you have not accessed this information before, you may  need to register for this...
To record payroll for month end:  D R Payroll Expenses  CR Cash  CR 401 Payable   To pay 401k plan  DR 410k Payable  CR cash
A SIMPLE IRA plan provides small employers with a simplified method  to contribute toward their employees' and their own retirement  savings. Employees may choose to make salary reduction  contributions and the employer is required to make either matching  or nonelective contributions....
Contact your State's child support agency. Be polite but persistent. Good luck!
If you can. Some companies that people work for don't have the options for their employees to borrow against their 401k. So if your able to then you are borrowing against yourself, but you can only take out one or two a year so you will need to check. Your best bet is taking more then you actually...
Yes, but it is possible that Texas MAY deduct from your unemployment benefits that portion of your 401k that was contributed by the employer. Check the Related Link below and the Texas 'office to determine their criteria.
Yes. An individual may make IRA contributions to both a  Roth and aTraditional  IRA, providing the combined contribution total does not exceed  the contribution limit for the year.
If u don not contribute to 410K plan..can i still borrow money from what the company puts i
yes, but there are earned income limits that may prevent you from deducting a Traditional IRA on your taxes if you were covered by a 401(k) As discussed here - http://www.savingtoinvest.com/2011/07/contributing-to-an-ira-and-roth-ira-if-you-already-have-a-401k.html - you can contribute to both ...
Fees are higher in a Variable annuity than they are in say a fixed Index Annuity.
No you can't it will be almost impossible to do so don't try to.
This could be possible but you need to be very careful and make sure that is done correctly and that all of the rules for this purpose is followed all the way so that you do NOT end up with some big tax problems at tax time.You do have time periods and of course some income taxes that will have to...
If the employer is matching some of the contribution amount at least that much of an amount and if you can contribute that much and then more if possible and do not plan on taking any distributions until you are at least 59 1/2 years of age.
I believe, in general, you can no longer make contributions, but you can roll over the money into an IRA or to your next employer's 401k. Unless there are some vesting provisions tied to your length of employment, the money you've contributed is yours.
You need to discuss that with your custodian. You may need to transfer your account to an different firm.
Typically this is done by filling out a hardship application and sending it in with proof of your hardship need. You will need to contact your Plan Administrator to get the form.
Custodian has passive control vs. a trustee who can invest, funds etc.
There is no minimum...It can be determined by the people who are managing your company's plan if they want to require one.
Because that is the withholding tax rules for the insurance program that the contribution amount are paying for.
Typically, you're able to withdrawal from a 401k if you're atleast Age 59 1/2 and older or if you're no longer employed with the Company that the 401k you were contributing to belongs to. However, some companies offer in-service withdrawals. Those are typically withdrawals from monies that you...
My CPA, has advised me, that you can take funds out of your 401k/IRA without any penalty or it being counted against your income. Bottom line, it is not counted as earned income.
NoBenefits and refunds payable by pension or retirement funds are exempt and not subject to deduction orders. 735 ILCS 5/12-804. See also the exemptions listed in the section below for non-wage garnishments. 735 ILCS 5/12-1006 exempts a debtor's interest in pensions, annuities, benefits,...
No cashing out your 401k does not effect your eligibility for unemployment because this is not considered income related to a current job. Therefore you would not be considered as working or employed if you are just liquidating an asset you already had
No. It is protected by law.
The amount of taxes on 9300 dollars will depend on the number of  dependents you claim. There are also deductions that can be taken  for numerous different things, which may reduce your tax amount  even more.
Yes you should, especially if they are using this money. the money is legally yours and therefore they are not allowed to use it as if it was theirs
A rollover is when you transfer you're plan into another investment such as real estate or a stock/ investment fund where you are not taxed since it is just being placed in a similar type investment.
Yes, but your unemployment benefits may be affected (or denied) in the week of withdrawal, as explained in item (f) on page 5 of the Related Link below.
Born between 1943 and 1954 your full retirement age for your social security benefits would be 66. You can start at the age of 62 but you will receive reduced benefit amounts if you choose to do this.Go to the SSA gov website and use the search box for more information about this.
No, you cannot. You cannot transfer a 401k balance from your current employer to any other plan. Obviously, you can discontinue participation in the 401k and make contributions to a new or existing IRA in your name. But you cannot transfer the balance elsewhere.   Unless however you are over the...
echnically, the  SEP IRA and the  Traditional IRA are the same type of account. The only  difference is that the SEP IRA is allowed to receive employer  contributions. Therefore, you can combine the SEP IRA into the  Traditional IRA without any ramifications. When doing so, move the  assets...
Retention bonuses are not 401K Elegible.