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401k and 403b Plans

~600 answered questions
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.
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 have other…
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Roth and 401k plans are separate investment vehicles. Roth IRA is offered to individuals who qualify. The Roth IRA has yearly contribution limits, and offers no present tax treatment. The benefit is in the end where the withdrawals are all tax-free (see age requirements for withdrawals without penal…
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If you are over 59 1/2 you can withdraw money from your 401k for any reason.If you are under 59 1/2 you can take a loan on the 401k in most cases.Ask your 401k administrator about this.Also, if you were thinking about taking a hardship withdraw to pay off your second mortgage, that isn't allowed. In…
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No. Generally, a divorce decree severs any legal rights either party had to the others estate. Divorce is the termination of the marital relationship between a legally married couple. Once the decree has been issued neither has any legal relationship with the other outside of the provisions set fort…
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Pension BenefitsThe spouse is entitled to 1/2 the pension up until the time of the divorce. After that it's up to the judge.More Information: Social Security BenefitsA couple must be married for at least 10 years before a spouse is eligible to receive any portion of the other spouse's Social Securit…
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Answer Presuming it's a voluntary bankruptcy of course: The general consences from previous similar questions- Try asking the court clerk for the assigned judge. If a Trustee has been appointed, contact them. Don't appear for the 341 meeting. (Personally I think contacting b…
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The question should say "age 59 and 1/2 years." For whatever reason, 59.5 years is the age at which you can start withdrawing funds from your 401K without penalty. Before 59 and 1/2, the penalty for early withdrawal is 10% of the taxable amount of your withdrawal. You can also withdraw money from …
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Not that I know of, unless you are retiring. Usually they require one to be 100% vested before withdrawl.
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The next of kin to the policy holder will get paid for the policy.
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i work at panera bread in Rhode Island and i get 65% discount on all items during the work day. On days off I receive 15% discount. Also, at the end of the day, all of the goods are given to good will, or shelters.You also get good health insurance benefits (medical, dental, and vision) if you work …
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To record payroll for month end: D R Payroll Expenses CR Cash CR 401 Payable To pay 401k plan DR 410k Payable CR cash
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Fees are higher in a Variable annuity than they are in say a fixed Index Annuity.
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No. It is protected by law.
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You can get a sample of a 401K hardship letter at the IRS website. You can also get a copy from your CPA or tax person.
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You have to contact the company you worked for and find out who your 401k was through and then contact them. If you worked for that company for 5 years or more you will not be eligable for the full amount invested, only the amount you put in . most companies take 20% in taxes when you opt to take ou…
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There are some similarities and some differences between 401k and Roth IRA. Here are the some important differences between them. Contribution: The money you put in 401k or Roth IRA account. Earnings: It is the money you earn on contributed money (interest or capital gain).Read more about each one i…
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Maybe I'm not reading this right, but YES. How else is the employee supposed to know when to show up to work.If this was a pre-existing "I can't work Sunday's" from the get go, then I would see what's up. I'd suggest checking out http://www.employee-scheduling.com for Fendza employee scheduling soft…
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your retirement fund It is a type of defined contribution retirement plan offered by many employers. The employee decides how much he wishes to contribute, and the employer may or may not make a matching contribution.
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No. No. There are, however, two points at work here as follows: A 401(k) account is a retirement account that is generally protected from creditors. You are only allowed to access the funds at retirement or through loans where you are effectively borrowing money from yourself and paying yourself ba…
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Helping people and Interacting with them.
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Because this is a retirement fund there will be a penalty for not rolling it into another retirement fund but you can liquidate it. You would be charged 10% penalty plus the amount would count and be taxed as normal income in the year that you take it out.
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No..not from the IRS...I guess there could be a special fee from the administrator. Its actually good to NOT have much of your retirement savings invested in the stock of your employer....all your eggs in one basket is the term.
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You can invest in gold coins, bars or the gold based ETF funds.
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Whatever you feel most comfortable with. There is is no right or wrong. I usually keep my cools and warms apart and mix in the middle. I learned to arrange my colors from warm to cool across a straight line and then use the rest of the palette to mix Another way is to keep the mixing area and pain…
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Unfortunately, Bonefish Grill does not offer 401k plans. They do, however, offer medical and dental coverage, prescription drug coverage, vacation time, flexible schedules, and career advancement.
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Answer A guy might do thst because he may not really like her or he has sats. or because he really cares about where he's going in life.
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No, you can only roll a 457 into a traditional IRA As of January 1, 2008, you can roll over pre-tax 401(k), 401(a), 403(b), and 457 plans directly into a Roth IRA
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A 403b is similar to a 401k but involves non-profit or charitable organizations. Churches, some community colleges, or private colleges are among the examples. There are somewhat different rules on 403b contribution levels. Withdrawals for active pastors also may make deductions for housing allowanc…
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No, you can't do that... For more details speak with your plan administrator.
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When drawing Florida, attention must be given to its geographic characteristics. Florida is a peninsula, so should be drawn as a roughly long, thin, triangular shape, that can then have details added and changed until the desired result is produced.
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Whoever recordkeeps your old employer's plan (Fidelity, Vanguard, etc). If you don't know who that is, contact your Benefits Department or HR dept and they will tell you who it is.
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You can call Kellogg's my HR Connection toll-free at 1-877-694-7554. Or, you can send an email message to Kellogg's People HR Connection at myHR.Connection@kellogg.com. I'm trying to find out about my vested pension from the early 1980s, good luck.
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yes No...not by default -you might have been married 10 years, but spent 9 of those years overseas, living away from your spouse working a $400,000 per annum job, while your spouse taught grade school for $34,000 per year and kept the kids. Do you think you'd get awarded 50% of a school teache…
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The auto balancing option generally leads to a more diversified portfolio. The auto balancing option in most 401k's is the better way to go.
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Possibly none. The deceased husband's rights to inherit as a named heir may have been terminated if he died before the person whose will you're reading. However, if the husband was named as an heir "per stirpes", or as a representative of his branch of the family ("to my children and their offspring…
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a 401k is an employer plan for the benefit of the employees, and an IRA is an individual plan
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because your participation in social security is mandatory, not optional ans And, as you have to ask, you don't understand what the many differences are in any way - like to start that the SS you pay is used to provide the benefits for those collecting it now....and yours would come from those w…
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only if your plan allows in-service withdrawals....ask your HR or payroll dept.
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A 401(k) plan is a "savings" plan that allows an employee to put aside money from his paycheck before any taxes are calculated on it. In other words, there are no federal or state taxes. They are however subject to social security and medicare taxes. The 401(k) plan is administered by the employer. …
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Shirley Chisholm is famous for being the first black congresswoman. She was elected in 1968 and represented New York. She ran for President in 1972.
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401k funds may generally be rolled over into a 403b account if the new employer of the 403b plan permit. Although the IRS allows for this action to be taken, not all employers do allow for it. If done properly, the event creates no tax liability or penalty upon the account-holder.
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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 …
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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.
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May 1994
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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% pe…
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See the link I added below under "related links".
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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 also...there's no 1…
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when you withdraw the money, yes.
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its an IRA with a fixed interest rate for some period of time between six months and three years.
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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.
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yes, if your adjusted income is below a specified amount
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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 (lim…
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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.
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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 age …
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Well, if you want safety of principle to a high degree, and you would like to avoid paying taxes on your gains every year, and you would not be adverse to tying up your money for at least 7 to 10 years, then you should buy a fixed annuity from a very well established and conservative legal leserve l…
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can you close out your 401k and still receive unemployment benefits
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You can`t do anything with it, other than take it to the bank it is made out to and deposit it.
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You can rollover your 401k account into any type of IRA, with the exception of an education IRA. However, you need to be careful and make sure that you do a direct rollover, or else you could be hit with taxes and penalties that are north of 40%. Make sure that you do your research. A good link is …
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no >>>>> And why would you want to? You already paid taxes on that money.
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Foot Locker, Inc. (NYSE: FL) is a major American sportswear and footwear retailer, with its headquarters in New York City, and operating in approximately 20 countries worldwide. Formerly known as Venator Group, Inc., it is the successor corporation to the F.W. Woolworth Company ("Woolworth's") Cert…
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Yes you can borrow on 401(k) loans, the rates will be comparable to other loans, but there are no regulations on what can be charged for loans, although federal rules do require plans to charge a "reasonable" interest rate. Most companies usually make it easy to repay the loan, and will deduct the …
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The right answer is, It Depends.I like a ROTH IRA. Here we pay tax on our contributons. Qualified distributions from a ROTH IRA are tax free. The ROTH IRA also allows us to take our Annual Contributions out of the IRA at any time without tax or without penalty for any reason, even to make a trip to …
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First, Never borrow from your 401k plan. You can pay off your 401k loan with money form any legal source. The money does not need to be deducted from your pay check. That is the most convient method. To use money from an IRA, it would be necessary to take an UNQUALIFIED DISTRIBUTON from your IRA. …
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Answer below is incorrect. It is handled by Wells Fargo. It's handled by Winn Dixie at 888-245-9798
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A 401k is a retirement plan set up at a place of employment. Each week, you put in so much money and your company generally matches it.
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Yes, only if you are taking the loan from a 401(k) with your current employer, but the loan may only be used for the following specific actions: * Education expenses for self, spouse or dependent child* Eviction prevention from principal residence* Medical expenses that may not be reimbursed* First-…
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Depends on your plan but you can opt out of your 401K at any time but you will pay taxes on the balance then pay a 10% penalty on the pre-tax amount. For example, if your balance is $10K, you will pay $1K penalty, then pay taxes on $10K which might be as high as $3000. So you end up with $6000 and p…
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You've heard the news: Foreclosures are up, home prices are down and even borrowers with good credit are increasingly late with their mortgage payments. Previously, many of those borrowers would look to home equity as a resource to cover shortfalls. But with that option off the table for many, inc…
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59 1/2 years of age normally, but I think there is a hardship clause that will allow distributions at 55.
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Contributions in 2010 will be $16,500, the same as 2009. These contribution maximums did not change from 2009 maximums as the relevant cost-of-living index did not increase year over year.Also, catch-up contributions for 2010 will remain at $5,500.
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Talk to a Tax attorney, if he can`t do it he can tell you who can.
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If your profit sharing plan allows for employee contributions, then those are capped at $16,500 for EE money. The total amount of contributions (ER and EE) is capped at $49,000 indexed for inflation.
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In a word Don't. If you do you will have a penalty (10%) and they will treat the distribution as income (which is taxed at whatever your rate is) But for us taking a 401k loan two years ago was really smart. Me and my wife took out a $5000 loan from the 401k and paid off a 14% interest rate car lo…
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Liquid assets are cash or investment holdings or any tangible property that can be instantly converted to cash without losing their value. Individual retirement accounts and 401(k)s are retirement savings accounts designed to hold your money until retirement and technically are not liquid assets, un…
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The contribution that is matched by an employer is not counted towards a 401k contribution limit. If someone contributes the maximum IRS allowed amount each year, still the employer's matching contribution would be in addition to that limit.
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Probably Spouse first, then his Estate then the children.
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It depends on what you call "safe."The S&P 500 is a number that represents the total value of common stock in 500 of the largest US-based companies in the world. It changes every day with stock market fluctuations. Since 500 different companies contribute to the number, it is called a "stock mar…
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dependaing upon the age of the participants, yes.. In a "cross-tested" or age-weighted plan, the contribution may be different for persons with the same compensation but different ages.
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I would say yes. You are taking a distribution of monies you never paid taxes on.
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There is a lot of baggage borrowing from your 401k including that if you lose or change jobs the loan becomes due in full immediately. Personally, with interest rates as low as they are now I would do my best to avoid it unless it is absolutely the only way.
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Trying to find out rules surrounding moving over a SEP to a 401(k) plan. I want to fully fund my SEP for 2013. Want to begin 401(k) starting 01/01/2014. I want to make sure that I am ERISA compliant and meeting all notices or deadlines that I must complete if I am able to do so. Thank you
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Contact Plan Administrator(where account is held) for forms.
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Mine did`nt in 2004
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The 401(k) maximums for 2009 was established based on a cost of living adjustment. The 2009 Basic maximum 401K contribution amount is set at $16,500. Catch up contributions allow a maximum of an additional $5,500. Catch up contributions would bring the total to $22,000 but you must be 50 years old …
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yes
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401k funds can generally be rolled into a SEP-IRA. These funds, if allowed by the new employer, are exempt from penalty and income tax as long as the funds are transferred directly to the SEP-IRA custodian. Contact your new employer and ask if your funds sitting in the previous employer's 401k pla…
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Whatever monies you contribute to 401k you do not pay income tax on now. You pay tax when you withdraw it, after retirement. So you get the benefit of your money growing tax free. For instance if you contribute $100 per month to a 401k that money grows faster than if you contributed after tax where …
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The only accounts that can be rolled into a 401k plan are other old 401k plans. You can not co-mingle the accounts. Once you rollover a 401k to an IRA or Annuity, you forfeit the right to put the money back into another 401k plan. However, there is really no benefit to putting the money back into a…
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less than half
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591/2, I recently read you can take distributions without penalty at 55. articles.moneycentral.msn.com/RetirementandWills/InvestForRetirement/jobless-what-to-do-with-your-401k.aspx
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Call & ask them or through an old statement or contact your state IRS.
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