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What else can I help you with?
In bankruptcy can they take your 401K or IRA?
No
How can you qualify for tax free 401k withdrawal?
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.
Is a 401K affected by bankruptcy?
No. It is protected by law.
What happens if you are unable to pay back a loan on your 401K plan?
thenthe distribution amount will be counted as income to you for that yr, you will be receiving 1099 form
Are assets in a 401k protected if you file bankruptcy?
Yes.
You withdrew 11000.00 from your 401k and paid a 10 penalty how much more will you owe?
State & Federal income taxes on $11,000 in the year the distribution was taken.
At what age am I eligible to take a 401k distribution?
You are eligible to take a 401k distribution without penalty starting at age 59 and a half.
Is money from 401k considered income for the year?
Withdrawals from 401k accounts are added to your general income for that tax year.
Do 401k loans count as income?
No, 401k loans do not count as income because they are considered loans that need to be repaid rather than income that is earned.
Do you pay taxes on 401k withholdings?
By withholding I will guess that you mean the amounts that you are contributing to your 401K BEFORE income taxes (deferred compensation amount) that will not be subject to the income taxes during the year and will reduce the amount of your taxable gross wage amount that is reported in box 1 of your W-2 form at the end of the tax year. The deferred contribution amounts will be subject to income tax in future years when you retire and start receiving distribution the taxable distribution amounts from your 401K plan and at that time the taxable amounts will added to all of your other gross worldwide income on your 1040 income tax return and subject to the federal income tax at your marginal tax rate.
401k and bankruptcy?
I believe new bankruptcy law exempts all retirement from being touch during bankruptcy so it should be safe
Is the 401k match based on gross or net income?
The 401k match is typically based on your gross income, which is your income before taxes and other deductions are taken out.
