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Can I begin withdrawels from my 401k without being penalized

Can I begin withdrawels from my 401k without being penalized by a cut in the monthly amount of money I now receive from a Health Insurance disability payment every month? It seems to me that it would hardly make sense to start payments of $400 a month from my 401k next month, and then later receive a letter stating that my Health Insurance Disability is being reduced by $400!I am thinking of just waiting until my Health Insurance Disability payments come to an end, when I reach age 65, and let my 401k grow in value until then. Or am my worries groundless?.

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Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

3,944 satisfied customers
FACTS: I have two different types of IRA's Rollover I never

Good MorningFACTS:I have two different types of IRA'sRollover I never paid taxes on any of the contributions.Traditional: I paid taxes on part of the contributions [Never deducted the contributions on my 1040 [couldn't contribute to a ROTH because I exceeded the income threshold.I have a Form 8606 (Non-deductible) last one files in 2007 which totaled $31,260Question:If I want to take an IRA distribution [I am over 59 ½ but not 70 ½ so I do not have to take the RMD]How do I compute the amount of tax I owe on the distribution?I believe if I take it just from the Rollover IRA account the entire distribution I take would be taxable since I never paid taxesHowever if I take the distribution rom my Traditional account who would I calculate the taxable portion?

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TaxRobin

Vocational, Technical or Trade School

20,894 satisfied customers
Iam a retitred senoir on SS i have invested in a mm fund. I

Iam a retitred senoir on SS i have invested in a mm fund . I notice the funds go up and down mostly up in value from my initial investment . When it goes up considerably can i sell that day a recieve the profit and maintain the initial balance without penalties from the fund and hopefully continue taking profit at ervery oppurtunity.? Or is there a provision that allows me to only sell at specific times. In other words can i sell as many times as i want in order to take profit and maintain my initial investment. I am with Vanguard Fund

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,158 satisfied customers
Through a divorce via a QDRO retirement distribution I will

Through a divorce via a QDRO retirement distribution I will have a sum of money available soon. The plan administrators are telling me that I do not have the choice (A) to take a partial distribution and partial rollover for a total of the full amount. So, I have two options, full rollover (B) or full distribution (C). However, I want the same end result as option A. I realize I will be penalized either way taking a distribution pre-retirement age. My question is: since I will have to have the 20% tax taken out automatically with the full distribution, is it a no brainer to do the full rollover and then seek the distribution needed? Or will the 60-day IRA Rollover Grace Period make any difference to that 20% if I do a full distribution?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,158 satisfied customers
I am an international resident on H1B, working in a company

I am an international resident on H1B , working in a company (A) and I have a question 401K. Currently my balance, 401K account is $ X out of which, I can withdraw $ Y (approx 1/2 of X).I have few questions:1. Can I transfer my 401K acoc**t from one company to another. What is the procedure?2. Is their a ceiling on the amount that I can transfer from company A to company B?3. Is their an option to withdraw all vested amount (current balance) from 401K?4. Why $ Y that I can withdraw from 401K is lesser than $ X. Is there a way to withdraw whole amount?5. In case I need to return to the country, where I am citizen of, how can I withdraw the complete amount?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,158 satisfied customers
Me and my wife own our business. We have great credit. My

Me and my wife own our business . We have great credit . My wife had some serious health problems that has been going on for about 3 years . This has caused us to use our savings, owe the IRS , high credit card Dept , college expenses, auto expenses and so much more . Before this we were ahead and a good nest egg . We have paid our bills but we are struggling . We ha e worked out payment with IRA BUT we have not filed this years yet because we know we owe .What can I do . I don't want to hurt our credit but I do get zero balance transfers on cards . It would be so much easier making less payments . We are trying to pay the high interest off first . I think we have got the bills from growing but we want a plan to get us ahead . Should we refinance if the interest rate is good on our business and add in the high credit card debt . We are probably looking at including this year 100000.00 in taxes . 40000 credit card . 25000.00Monthly bills . These are including building payment . I pay 17000 a month for building trying to pay off in seven years . I do have 200000 in 401k . We are determined to get back to where we were but was hoping someone could give us a good strategy and our main goal is to save for retirement . Thank you

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Mark Taylor

Certified Public Accountant

Masters

802 satisfied customers
To: in continuation of my previous question about owner

To ***** *****: in continuation of my previous question about owner financing for my friend, I would like to know if anything changes if the property is under a 401. my friend's land is an IRA account and the land is within an IRA savings that is handled by Pensco self directed trust company for which my friend is a trustee. In this situation will anything change for the owner financing.

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Mark Taylor

Certified Public Accountant

Masters

802 satisfied customers
I am 63 y/o disability beneficiary. I have regular IRA

I am 63 y/o disability beneficiary. I have regular IRA account, and this is my only investment account, offered to me when a year and a half ago I made changes from 401k into IRA and moved those money into my bank (PNC Bank), currently somewhat about $26 thousand (twenty six). It's invested 100% in Equity product named "SVACX FEDERATED STRATEGIC VALUE DIVIDEND CL C".I found recently that communication with my bank advisers is not satisfactory to me: I prefer written, over spoken advice.Here I have some questions:1, Am I eligible to move these money without a kind of penalty, into other products, i.e. individual stocks?2, If I am eligible, how to make such operation? I can't find this on my bank site, except those offered by the bank.

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PDtax

Owner

Master's Degree

6,850 satisfied customers
I have some funds that I want to tuck away; It's sitting

I have some funds that I want to tuck away; It's sitting in a money market account now. My thought was a annuity, but It was suggested that a indexed CD would be an option also. My priorities of safety and return look to be met by both, as the annuity is guaranteed by the insurance company, and the indexed CD is backed by FDIC. The potential return looks equally OK for both, and I am leaning toward the CD. Any insight or suggestions.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,158 satisfied customers
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