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I would do it, but please inform your employers first. There are some employers that will not allow you to remove any money until you are fifty-nine and one half years old. If they do allow it, there will most likely be a steep fee to pay.
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∙ 12y ago
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Do you have to pay taxes on a 401k if you take the money and pay a student loan?
hi
What is some basic info on 401k social security tax?
You pay into your 401k through your employer. You do not have to do it, but in most cases you do gain from it. You usually have to pay a percentage if you take the money out to soon.
I my divorce decree I get half of my ex's 401k can I use any of that money to pay bills with out a penality or tax against me?
No. You won't be able to use it for bills without having to pay 20% in taxes. Usually the 20% in taxes is taken out before you get your money. For example if you are to get $100k from your ex's 401k you will only receive $80k. The only way to keep from having to pay taxes on it is to roll it over into an approved retirement fund.
When can you get your 401k?
The standard age for taking cash out of your 401k plan is 59 ½. So, if you are over that age then you can take your money out as dispersals and you'll just pay standard income tax.
How to finds 401k funds owed to me?
money was taken out for 401k years ago from my pay checks how can I fine it
How could you raise money for your mum?
Depending on why you need to raise money for your mum is how you get the money. To pay bills, etc,.; Take a little bit out of your job pay check and help her pay the bills. To help with medical problems/bills; Find out what the insurance can offer. From there take it to court. You may get a settlement for why she is injured, etc. If anything else...improve my answer.
Can you take money out of a 401k twice?
Yes. But, in each case you would pay the penalty and tax on the withdrawal as income that year.
Can a bank take money from your home line of credit to pay other bills?
yes
Can a bank take the money you receive for child support to pay a past due credit card?
Yes, it is none of their concern what the money was for. If you deposited the money in your account than they can take it to pay any bills you owe them.
What happens if i don't pay back a 401k loan?
If you do not pay back you 401k loan, it will be looked at as a withdrawal. Which means not only will you be taxed on that money this year, you will also have to pay a penalty for early withdrawal.
What is the pay as you go plan?
It's better to borrower against your 401k because when you take money out of that account you are actually borrowering from yourself, its your money, If you fail to meet the payments you don't stand to lose much you will just have to pay taxes on the money.
Do you have to pay taxes on a 401K at age 59 12?
when you withdraw the money, yes.
