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401k and 403b Plans

~800 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.
Typically, you have to pay the entire balance of the loan back.
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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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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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because you are helping peoples life on a daily basis..and you could make 80,000 plus a year
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You can invest in gold coins, bars or the gold based ETF funds.
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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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No, because the taxation on disbursement will be different.
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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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"the limitation under Section 402(g)(1) on the exclusion for elective deferrals described in Section 402(g)(3) remains unchanged at $15,500. This limitation affects elective deferrals to Section 401(k) plans and to the Federal Government's Thrift Savings Plan, among other plans." http://www.irs.g…
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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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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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its an IRA with a fixed interest rate for some period of time between six months and three years.
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yes, if your adjusted income is below a specified amount
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Yes. You can roll a previous employer's 401k balance into a new employer's 401k. You can also roll a previous employer's 401k balance into an individual retirement account (IRA) if you wish to maintain control over the investments.
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You should not cash the check since it is not addressed to you. In any case, the reason you are rolling it over is to avoid the tax consequences and penalties for cashing out your 401K. It is shortsighted to spend 401K money (even if it is not very much) since that money grows over time to help wi…
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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 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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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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You can cash out your 403b, but expect tax penalties of up to 30% if you are under the age of 59 1/2.
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Probably not. Generally a 401k plan will dictate what investments are available to plan participants. The reason for this is the employer has some fiduciary responsibility to the plan participants. Some 401k plans have a brokerage window where you can move some of your contributions to the broke…
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Here is a link where you can find out if any bank is FDIC insured:http://www4.fdic.gov/IDASP/
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When you make a contribution to your 401k plan, your employer is required to have that money deposited into your account with the 401k custodian within a few weeks, From the IRS: "if your plan provides for salary reductions from employees' paychecks for contribution to the plan, then these contri…
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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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Our first priority while working is to earn sufficient funds to meet our daily living requirements. If our 403b contributions take away from our day to day needs, we are contributing too much or earning too little.
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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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Yes an employer can terminate a 401k plan. The contributions you made to the plan are yours, and you could take that money and roll it to your Traditional IRA using a trustee to trustee transfer. If your employer made any matching contributions to your 401k, you may be able to keep all or part o…
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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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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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for 2008 $230,000
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maximum contribution, Annual Addition limit $46,000(annual addition contains both employee & employer contributions)... if you are above 50years, maximum contribution $51,000(if employee made catch-up)
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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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I have a claim on a car insurance policy with AIG. What are the chances of this claim being met?
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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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you can see 401k details in "401(k)help center".....
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Call & ask them or through an old statement or contact your state IRS.
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a 401k plan is an life time money dealing plan you should have after you quit your job
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How safe is TSA 403 (b) Fixed annuity? Is TSA 403 (b) Fixed annuity insured ?
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I am 65. My full Social Security retiredment age is 66. I wnat to draw social security but am concerned that if I take SS payments and draw from my 401K that i will exceed the $14,000 + cap on annual wages. Arel draws from my 401K counted against the 14K cap ??
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There are many different ways they can be set up, and many different vehicles for the funds...but generally: On set up the money put in them is NOT taxed to the employee, although the payroll handling, from the companies side, may be different. (Also certain parts of things like FICA may need to b…
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i lost track of my 401k in 1997 and dont know the company that had the 401k plan  
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You can cash out your 401k, but you could possibly face severe tax implications. When you cash out a 401k plan, you usually pay ordinary income tax on the amount, plus a 10% penalty. Sometimes this can result in a charge of over 40%!
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There is a limit on the amount of elective deferrals that you can contribute to your traditional or safe harbor 401(k) plan. The limit is $15,500 for 2008 and $16,500 for 2009. The limit is subject to cost-of-living increases after 2009. Generally, all elective deferrals that you make to all …
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Duh what you do is you have to save your money..// that also mean to not spend it on 25cent bubble gum or jolly ranchers. you have to save it in order to afford awhat you really want or need, and who doesnt know that..//
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Isn't the W-2 field showing the full contribution paid over, not just withheld from the employee? It is all recorded at the IRS, under your SS#, and when you report the amount of SS income in that field, (which is different than other taxable income fields), the computers check to see that the co…
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It is considered part of the estate for the purpose of determining estate tax. It is owned by the decedent if that person had the right to change the beneficiary up until the moment of his or her death. It may pass outside of a probate estate, however, if there is a valid beneficiary designation. …
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I would think not, for the simple reason you hav`nt paid any tax on the money to start with.
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If you change companies you can only contribute the maximum of $16,500 combined in both plans. It is up to you to keep track of how much you have contributed. Some companies, as a courtesy will ask when you join the new company if you contributed to any other 401k plans during the year, and how much…
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According to "My Money Blog" the maximum amount for a 403b increases to $16,500 for 2009. http://www.mymoneyblog.com/archives/2009/01/2009-401k-403b-maximum-salary-contribution-limits.html
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You can have as many 401k plans and IRA's as you would like. However, to have a 401k plan, it has to be through your employer, and there are limits to what you can put in. With an IRA, you can have several of them but there really isn't much of a point as it will just confuse your financial plan. …
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The 2009 Annual Compensation limit is $245,000 Compensation Limit to be defined an HCE (Highly Compensated Employee) $110,000 Edit: I believe this is what you are looking for other limits for 2009: Maximum Pre-Tax Contribution $16,500 Maximum Catch Up Contributions for age 50 and older $5,500
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Keeping your 401k statements is always a good idea. Weather you are using them to track the past performance of your portfolio, or just to keep for your records. However most 401k record keepers allow you to generate statements online. So if you were to through them out, or misplace them you could…
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There is no age requirement to participate in a 401k unless is designated by the plan itself. Basically every plan has a different set of standards to become eligible to participate in the plan. Weather it is an age requirement, number of hours worked, number of years worked, or a combination of t…
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Plan de retiro 401(k)
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by asking for it! by asking for it! by asking for it!
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The government wants to intervene again for AIG's bailout... if they do so, it will be the 4th time the government has bailed out AIG. I hope their stock goes back up... as of 3/5 the stock is only 35 cents!!!!! That's sad!
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The amount does not matter, you will owe all income taxes due plus a 10% penalty if you are not 59 1/2 years old.
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Yes, if the Certificate of Deposit is inside an IRA account or another 401k account. If you are eligible to take a 401k distribution, you could take the money and buy a regular CD, but you would pay the same taxes and penalties that would apply if you didn't roll the money over. But you can roll a…
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Same as last year: $5000. 401k limit is $16,500, also the same. http://www.irs.gov/newsroom/article/0,,id=214321,00.html
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Per publication 590, the contribution limit was raised to $5000 from $4,000.00
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If you are referring to the Minimum Required Distribution from a traditional IRA or 401k, the answer is no.
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Whether you can borrow from your 401k depends wholly upon the plan specifics. In other words, 401k Loans are generally allowed by the IRS, but are not always allowed by employers.
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Depends on the state, In most, Yes.
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The letter k refers to a sub-section of Section 401 of Internal Revenue Code.In 1978, Congress amended the Internal Revenue Code by adding section 401(k), whereby employees are not taxed on income they choose to receive as deferred compensation rather than direct compensation.The law went into effec…
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A 403b is what the IRS considers qualified money, or pretax money. Whenever you take qualified money out of the original investment and roll it into something else it then becomes an IRA, which is the IRSs way of refering to any type of qualified money that is not in the company plan anymore. An …
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Same as for 2009. No change.
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The maximums in 2010 are $16,500
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Apparently, the money you put in a 401K Plan and withdrawn would not be deducted from unemployment benefits, but possibly that contributed by the employer may be deducted. It is best to contact the unemployment office and find out for sure. The Related Link below gives more detail. 401K is similar i…
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Not all plans allow this feature. You would need to consult your plan administrator or read your Summary Plan Description. A fund-specific withdrawal allows you to take money from a specific investment fund rather than taking it pro-rata from all funds.
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The deferred contribution amounts will NOT be included in your the box 1 of your W-2 form as taxable income for the year that you do this.The distributions amounts from the deferred compensation plan 401K will be subject to income in the future when you retirement at your normal retirement age and b…
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I have done this more than once. I believe it took me abt 2 weeks to get the check. But this will probably depend on whomever your 40lk is being managed by. There is also a 30% fed tax penalty if you don't meet the age requirement for withdrawl. 20% is taken up front and the rest you are resp for pa…
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Yes.as long as you do not contribute more than your annual limit.
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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 typ…
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They have no affect.
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You should have $260,000 in when you are 40.
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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 ye…
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You can set up and make contributions to a traditional IRA if: You (or, if you file a joint return, your spouse) received taxable compensation during the year, and You were not age 70½ by the end of the year.You can have a traditional IRA whether or not you are covered by any other retirement plan.…
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The early withdrawal penalty amount is 10 % of the taxable amount if you are under the age of 59 1/2 and still employed by the employer that has the 401K plan.The below information is one of the exclusion from the 10% early withdrawal penalty.If you are no longer employed (terminated left the compan…
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Because that is the withholding tax rules for the insurance program that the contribution amount are paying for.
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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
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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.
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Yes. If I offer a 401K, I must tell all qualified employees about it.
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It is $17,000 if you are younger than 50 years of age. There is a catch up limit of $5,500 if you are 50 years of age and older. Those 50 and over can contribute a total of $22,500 annually for 2012.
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Yes. They will charge you a percentage every year you are invested with them (and it will be taken directly out of your account). If you sign up the receive paperless statements, you can have some fees waived. If your using your employer's 401k option through Prudential, then your employer will most…
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First to qualify you must be a small business owner, a small business co-owner or spouse or either one. Decide what company to obtain your 401k plan from: Fidelity, Merill Lynch, Vanguard etc.Decide how much you wish to contribute to your 401k account.Speak with financial advisory if neccisary.
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USAA and First State Bank will help with your 401K rollovers. Also, Vanguard, T. Rowe Price and Scotrade.
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Fidelity Net Benefits is a 401k retirement plan company that also offers workplace savings tips and financial advice in order to get the most out of your retirement savings plan.
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"Yes prudential does offer a 401k plan as well as many other things like Life insurance, retirement, real estate and also benefits. I would really recommened all of them."
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one benefit is that you don't have to pay income taxes on the money contributed to the account or any growth it experiences until you withdraw the funds.another benefit may be available to you with a 401k plan is a contribution match by your employer. with this benefit comes the term "vested". this …
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