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I haven't been able to find a site where it states that you would get a penalty for removing your funds from your moneymarket savings account. There might be more information though to if there really is one or not.
The insurance company surrender charge is not deductible. Nor is the 10% federal penalty.
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 plan are allowed to be transferred to the new SEP.
It depends on what type of funds you hold. If it is an open ended fund you can sell it anytime you want. If it is a close ended fund (with a lock-in period) you need to wait until the scheduled end date and then only sell the fund. Even in case of open ended funds, redeeming/selling the funds during the 1st year usually carries a penalty of around 1%. The actual penalty varies from fund to fund and from country to country.
You should review the Publication 590,link provided. There are a number of instances and circumstances where the penalty won't apply, and some that increase it. http://www.irs.gov/publications/p590/ch01.html
I haven't been able to find a site where it states that you would get a penalty for removing your funds from your moneymarket savings account. There might be more information though to if there really is one or not.
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The insurance company surrender charge is not deductible. Nor is the 10% federal penalty.
At minimum you will be assessed a fee (Nonsufficient Funds Fee or NSF), and be required to pay the balance of the check. The more serious outcome is that you would be charged with any of a variety of felony or misdemeanor charges: Larceny by conversion, consumer fraud, uttering and publishing, etc.
Funds can be withdrawn from an IRA at almost any time although there is a 10% penalty if they are withdrawn before the account reaches a certain level. Each employer may be different.
There is an early withdrawal penalty of 10% of the amount you withdrew. Keep in mind that this penalty is in ADDITION to the fact that in most cases the withdrawal will also be counted as taxable income. So you will pay income tax on it AND a 10% penalty.
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 plan are allowed to be transferred to the new SEP.
First, there is likely a criminal penalty and the minor can sue them for conversion of funds.
Nothing changes the age at which withdrawals can be made from an IRA account. While funds can be taken out at any time, a steep penalty is assessed if funds are taken out early.
It depends on what type of funds you hold. If it is an open ended fund you can sell it anytime you want. If it is a close ended fund (with a lock-in period) you need to wait until the scheduled end date and then only sell the fund. Even in case of open ended funds, redeeming/selling the funds during the 1st year usually carries a penalty of around 1%. The actual penalty varies from fund to fund and from country to country.
It depends. One has to look at what the interest rate is, the amount of the term remaining, the amount of the prepayment penalty and the cost of the source of funds to pay it off. There is no one correct answer, sorry.
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.)