If you are still employed by the company that sponsors your 401k plan then you will not be eligible to cash out of the plan. Instead, you can see if your plan offers either a 401k plan loan, or a 401k plan hardship withdrawal (not all 401k plans allow hardship withdrawals so you need to ask your plan administrator if your plan has this feature.)If you are no longer employed by the company that sponsors your 401k plan, then you are eligible to get your money out of your 401k plan. You can cash out of the plan, or rollover your 401k plan balance to an IRA. If you choose to rollover your 401k plan instead of cashing out, then you will not have to pay taxes or penalty taxes: rollovers to IRAs are not taxable transactions if you do them the right way.
You will get nailed with at least a 10% penalty and have to claim it as taxable income besides, unless you can do it on a 401k loan wich you repay to yourself at a set interest rate. (a much better idea)
Early withdrawal of retirement money from a 401k can result in penalty fees and the funds are taxable, at the time of withdrawal, as ordinary income. If you have not reached the age of 59 1/2 when you decide to withdraw your money your penalty payment will be 10% of the amount withdrawn.
Depends on the state, In most, Yes.
You will never be able to withdraw the deferred compensation amounts from the 401K with out having to pay the federal and state income taxes that will be due when you take any distribution amounts from your 401K plan.
Yes, the executor fee in the state of NJ is taxable. However, it is only 5% taxable and up to $200,000 dollars.
The general rule is that you income is taxable in BOTH the state where you work and the state where you live. Some states have reciprocal agreements, but NY and NJ do not. But NY has its dreaded telecommuter tax. If your employer requires you to work in NJ, the income you earned in NJ would not be taxable in NY (unless you live in NY). If your employer gave you the option of where to work, for example if they let you telecommute from your home in NJ, NY still considers the income to be taxable by NY. NJ would consider any income earned while working in NJ to be taxable in NJ and all income earned by a NJ resident, no matter where, to be taxable in NJ. Yes, it is possible for the same income to be taxable in two different states. If you live in NY or NJ, the state where you live will give you some credit for the taxes paid to another state to offset some of the double taxation. But if you live in a third state, you could be really screwed if you have income taxable by both NY and NJ, since your state would not let the credit they give you exceed the amount charged by that state.
401k is fica taxable only..
yes. once you withdraw the money it is taxable as income.
Vitamins and other supplements are not taxable in the state of New Jersey
401k's are not tax-deductible in the normal sense of the word. However, since normal 401k contributions are made with pre-tax funds, taxable income is reduced. As taxable income is reduced, tax is then reduced as well.
Distributions from your 401K after you reach your retirement age the taxable amount will be subject to federal income tax at your marginal tax rate and may be subject to some state income tax.
No.
Yes. All furniture is taxable in NJ. Mattresses are not exempted.
Clothing and shoes are tax free in NJ. Costumes and the like like Halloween are taxable. goggle clothing and tax in nj to see the full state documentation
If food is taxed in your area, yes.
Depends on the state, but the simple answer is yes.