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You close your IRA account early because you needed the money to live on and paid an early fee do you still need to pay taxes on it?
Ejordan704
Yes, (presuming it wasn't a Roth) - the amount you took out is a taxable income (you didn't pay tax on that income, or the earnings when you contributed it or it grew)...and the penalty for early withdrawal is additional. Normally, by the time your done with doing this...(and I'll bet there were many forms you were required to sign advising you of all this - and probably even saying it is considered a terrible, maybe the worst financial thing you can do)...you'll get maybe 50% of the amount in the account and lose all the needed retirement protection.
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Can you withdrawl your money from a CD account early?
Sure you can. It's your money and your account and you can close it anytime you wish. However, if you are closing your deposit account before its intended maturity date the bank can charge you a small penalty on the interest component for doing so. But the original money you deposited will not be touched and will be refunded in full when you close the account.
How much money would one need in order to retire early?
To calculate the minimum amount of money needed in order to be set for early retirement, several factors must be taken into account. These factors are dependent on location, taxes, debt, thriftiness, life expectancy, etc. Once all that has been taken into account, the calculation process can begin.
Does Bank of America use Chexsystems?
yes Bank of America does use chexsystems as well as Early Warning Systems. However at this time they are approving many people on chexsystems. Almost anyone that applies online for an account. If you are reported to EWS, do not apply for an account, they may open it but they will close it at a later time related questions for help with EWS http://wiki.answers.com/Q/What_is_Early_Warning_Services
Is the US stock market closing early on December 31 2010?
The U.S.Treasury (bond) market will close early at 2 p.m. today. Meanwhile, the equities market will close at its normal time, 4 p.m. on the last day of trading in 2010.
What is the amount of money needed to retire a 11.3S2015 bond early?
A 11.3S2015 bond is not a known or public bond type.
I HAVE AN IRA WITH WAMU. IF I WANTED TO CLOSE IT OUT WILL I GET CHARGED A LOT WILL I BE ABLE TO CLOSE THE ACCOUNT?
If you close the account early there will be a penalty. You need to check with your Wamu bank on the terms of the agreement. you may close it. your age will determine if you are penalized for withdrawing early. you will be taxed regardless
What reasons did the early human migrate?
This is because they needed warm weather and they needed food in the warm weather.
Can you withdrawl your money from a CD account early?
Sure you can. It's your money and your account and you can close it anytime you wish. However, if you are closing your deposit account before its intended maturity date the bank can charge you a small penalty on the interest component for doing so. But the original money you deposited will not be touched and will be refunded in full when you close the account.
What can you do if your bank sent you a letter telling you that they will close your account because of a bad check you deposited into your account and could this affect your credit?
Normally if a bank closes your account they will report you to chexsystems, telecheck, or early warning services. If the account is charged off, it may be turned over to a collection agency and in turn it could hurt your credit. It will also prevent you from opening a new account easily
Why did early humans build shelters?
Early humans built shelters to protect themselves from the elements, predators, and other threats. Shelters also provided a sense of security and a place to rest and store food and belongings. They were essential for survival and helped early humans adapt to different environments.
Why did the early land plants have to live close to water?
because there need to water them
Why did early civilizations form around river valleys?
because they needed water
How do you close and cash out a retirement annuity early?
Contact the company from which the annuity was purchased and find out what restrictions, penalties and other fees will be involved in cashing out early. You can probably do it, but it will cost you. You have to decide if it worth the value you will sacrifice by closing the account early.
Why were Canadians pressing for change by the early 1800s?
Because canadians needed someone, they were so alone
Does target close early on the Fourth of July?
No, Target does not close early on the fourth of July.
Why were houses in early villages built so close together?
Because they are low-order goods and services
What is the economic importance of coal?
because in the early day they needed it for wormth and to heat food like we do on a cook out
