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401k and 403b Plans
Tax-deferred savings plans. In the case of Roth 401(k) plans, withdrawals are tax-free whereas contributions to standard 401(k) plans are pre-tax and profits are taxable at the time of withdrawal.
938 Questions
Can you borrow against a 401k if you was fired from the company you had 401k with?
If you quit, are laid off your job, or your company closes its doors before you repay your loan, the IRS will consider your unpaid 401(k) loan balance an "early distribution" of retirement savings. If at all possible, repay the balance before the repayment deadline to avoid the taxes and penalty.
The loan's outstanding balance will be treated as income to you and you will be required to pay taxes on it. If you have a loan balance of $20,000, you could owe federal income taxes ranging from $2,000 to $7,000 or more, depending on your tax bracket. For example, if you are in the 28 percent tax bracket, your taxes would be $5,600. State taxes could also apply.
Distributions may be fully or partly taxable. If your plan includes nondeductible contributions that you made, that portion may not be taxed. However, it would still be subject to a penalty. TurboTax will ask questions to see if any of your distribution might be nondeductible.
If you are under the age of 59 ½, You will also be charged a 10 percent early withdrawal penalty. Using the example of a $20,000 loan, the penalty would be $2,000 in addition to the income tax.
Can you contribute more than 5000 dollars a year into your IRA?
You can contribute as much as you want to an IRA, but you would pay an excess contribution tax on the amount over $5,000. If you are over 50 you can contribute an additional $1,500 ($6,500 total) without penalty.
How old do you have to be to start saving in your 401k?
You must be 21 years of age to start saving in a 401K plan
Who is the U S Shoe Corp or Casual Corner retirement plan administrator?
As a former Hahn Shoe employee (div of US Shoe Corp), I received a letter from Luxottica Retail (owners of LensCrafters) that the US Shoe Pension Plan has merged into the Luxottica Group Pension Plan. Their contact info is:
Luxotica Retail
Retirement Department
4000 Luxottica Place
Mason, Oh. 45040
513-765-6000
posted by: Michael Mahan mahantime@gmail.com
What does SPLN DED mean on your pay slip?
Did you take a loan against a retirement plan (e.g. 401k)? If so, this is likely the automatic repayment.
What is the maximum fica in 2011?
The maximum FICA tax for 2011:
Employer 7.65%
SSI:
Employee 4.20%
Employer 6.20%
MED:
Employee 1.45%
Employer 1.45%
Income subject to SSI tax: $106,800
Employee $4,485.60
Employer $6,621.60
Why was the S and P 500 formed?
The Standard and Poor's (S and P) 500 index was created (in its present mode) in 1958 in order to make indexes more popular with the investing public.
How can you find out about an old 401k plan with Wang Laboratories Inc?
Contact: Prudential Insurance Co., P.O. Box 5370, Scranton, PA 18505-5370
Direct # for Retirement (800) 421-1056 Group Annuity Contract # is GA-016580
THis is for the defined retirement benefit (BEST 4 OF LAST 5 YEARS GOT YOU A RETIREMENT. They should be able to get info about 401-Ks,
IF not: Getronics USA Inc.
C/O Benefits Dept.
100 Ames Pond Drive
Tewksbury, MA 01876-1240
What happens to your 401k investment after termination from Footlocker?
You stay vested without any additional contributions.
What should a young adult do to plan for retirement?
Begin a personal pension plan or similar. Most insurance companies will offer one, it's best to research into a varity of them to get the best deal.
If in doubt you should consult an Independant Financial Advisor who will do the research for you.
Can you have a 401k and deceased husbands 401k and receive ss?
Yes. Having a retirement account such as a 401k or an IRA will not affect your ability to draw social security benefits.
In investment planning, ctbs stands for "collateral trust bonds". Being eligible for ctbs means that the 'cash' amount of the fund is backed by the securities actually held. IE, if Investments4You suddenly ran off with all their office furniture and all the cash in the vault, the share-holders would still be entitled to receive the actual shares that the fund had purchased.
Can you cash and keep an fbo check for a 401k rollover?
You can, but you had better beware of the consequences. When you take money out of your 401k plan before the age of 59 1/2, you have to pay ordinary income tax on the amount plus a 10% penalty.
As a result, you could end up paying more than 40% of the total amount of the check in taxes.
For more advice on 401k rollovers, please visit eRollover.com at the link below.
Can you take your 401k out if you file chapter 7?
Your 401K account is exempt from creditors when you file BK. So leave the account alone. If you withdraw money and transfer it to another type of account, then the BK trustee can seize that money. Because of that, it is NEVER advisable to withdraw from your 401K when a BK is possible in the future.
Can a credit card company garnish your 401K loan?
No. There are, however, three points at work here as follows:
A 401(k) account is a retirement account that is generally protected from creditors. You are only allowed to access the funds at retirement or through loans where you are effectively borrowing money from yourself and paying yourself back that money with interest.
Garnishing is a phrase that implies money being taken from income of some sort.
A loan is not income, rather, a loan is just a way to get the use of some good/service (or cash) now by agreeing to pay it back (plus interest) at some later date.
Putting this all together, a credit card company, if they get a judgment against you, could garnish your wages but would not be able to touch anything that has to do with your 401(k).
What is the max annual pre-tax contribution for a 403b for 2010?
For the general population, $16,500. If you're 50 or over you may be eligible for $5500 in catch up contributions.
What is the 457 maximum contribution for 2011?
Assuming you're referring to the pre-tax salary deferral maximum, it will be $16,500 (unchanged from 2010).
Can you take out a second loan on your 401k?
Yes you can. it would be half of what you took out on the amount of your first loan. the interest is the same. take my advise...only take the loan if you really need it and pay back as soon as possible. I had to do it because I was overwhelm with high credit card interest. I caught up and pay back early. it's your money, you can do whatever you want
Tiffani
What is the maximum contribution for 401k in 2010?
Assuming you're referring to the pre-tax contribution for a 401k .... the max in 2010 is $16,500.
Does your uncle's wife get his 401k if you are the benefeciary?
Typically a 401k is required to be available to the spouse unless she has specifically signed paperwork saying she does not want it. It is separate from the estate.
