Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

Did or receive any distributions from a retirement plan

quot;Did William or Jennifer receive...
quot;Did William or Jennifer receive any distributions from a retirement plan after 2014? We're only talking about distributions that occurred before the due date (including extensions) of your 2017 return." Confused about when this would be. It is before the filing date for 2017 return (04/15/2018) right? so any distribution would before then correct? or is it talking about taxes due in 2017 (04/15/2017)? William took a distribution on 4/28/2017. Would this be a yes for William or a no?
Show More
Show Less
Ask Your Own Finance Question
Answered in 3 minutes by:
3/15/2018
Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 14,657
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name’s Lane …

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

I’m reading your question now.

Bear with me a moment while I type up my response.

….

Then if you have further questions we can go from there.

Ask Your Own Finance Question

"William took a distribution on 4/28/2017. Would this be a yes for William or a no?"

...

This is a yes, here. You'd read those directions literally here. (before April 17 of 2018, the dur date for 2017 taxes)

Ask Your Own Finance Question
Customer reply replied 4 months ago
interesting it would ask a question that is before the due date, before the due date...LOLok follow up then, William took the distribution from a 401k for daughters college tuition. This is subject to the 10 percent penalty due to being a 401k correct?If the distribution was from another form of IRA it would be penalty free correct?

So sorry but that's right. Rolling it to an IRS first (IF the plan allows for in-service withdrawals) would have been the way to do (hindsight being 20/20)

...

And yes, UNLESS he's over 55 and separated from service from the company ( special waiver of the 59 and 1/2 rule for workplace plans) there will be the 10% tax penalty

Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 14,657
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
Lane and 87 other Finance Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a financial professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Lane Your Own Question
Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 14,657
14,657 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

Lane is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,609 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,222 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,933 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
Over 50 taxpayer made the following non-deductible IRA
Over 50 taxpayer made the following non-deductible IRA contributions which were immediately converted to Roth's.Mar 2016 $6500.00 for 2015 Contribution converted to ROTH March 2016 Mar 2016 $6500.00 f… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,155 satisfied customers
Chad, I did not make any 401k contributions in 2017... I'm
Hi Chad,I did not make any 401k contributions in 2017... I'm wondering if there's an easy way to calculate how much making a contribution that applies to 2017 tax year by the filing deadline will affe… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,474 satisfied customers
In April of 2017 I made a 2016 Traditional IRA contribution.
In April of 2017 I made a 2016 Traditional IRA contribution. Within a few days (before tax day) I rolled it over into a Roth IRA (backdoor method) due to my income. In December of 2017 I made a 2017 T… read more
taxmanrog
taxmanrog
Master\u0027s Degree
994 satisfied customers
I made $120k in 2017, live alone in California, no
I made $120k in 2017, live alone in California, no dependents, rent. How do I figure out my tax break down? tax table etc. Also I'm a limited partner in a bar that's not quite profitable yet. What for… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,474 satisfied customers
If a pass through entity (Scorp or LLc) files taxes on
If a pass through entity (Scorp or LLc) files taxes on accrual basis, do they still have to have them paid by the end of the year so they don't pay penalties?e.g. 500k net income for 2017 shown on acc… read more
Carter McBride
Carter McBride
LLM
1,189 satisfied customers
Client currently itemizes deductions on Federal tax return,
Client currently itemizes deductions on Federal tax return, including state income taxes. Due to the new tax laws that passed in Congress, which limit the state & local tax deduction to $10,000, clien… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Is it better to take money from an existing IRA to a Roth in
Is it better to take money from an existing IRA to a Roth in 2017 or 2018? I CAN ONLY TRANSFER $7100… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
14,657 satisfied customers
Do you provide an accounting consulting, selling my
selling my partnership in the business and cashing out, what tax % i have to pay on capital gain and how long I can defer the payment … read more
taxmanrog
taxmanrog
Master\u0027s Degree
994 satisfied customers
For 2017 what is the regular IRA contribution limit....Is
For 2017 what is the regular IRA contribution limit....Is this in addition to limits on SEP IRA? I am 62. Self Employed and have no other workplace retirement plans.....what is the limit on a SEP IRA?… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Is it possible to over-contribute to a 401(k) plan? Since
Is it possible to over-contribute to a 401(k) plan? Since the beginning of 2017, I've been setting aside enough of my paycheck each month to reach the $18,000 maximum. However, I changed jobs a few mo… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I live in Georgia. I heard that because of Hurricane Irma,
I live in Georgia. I heard that because of Hurricane Irma, Georgia residents are given some tax breaks. Specifically, I was wondering about the IRA withdrawals for people under 59.5 … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
2013 Tax Refund Request in Kansas... Before tax day in April
2013 Tax Refund Request in Kansas... Before tax day in April 2014, client made 2013 tax extension payments to the IRS (Form 4868) and to Kansas (Form K-40V with Extension Payment checked). This questi… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
14,657 satisfied customers
For CPA/Accountant/Tax Attorney: We are -time JA users,
For CPA/Accountant/Tax Attorney: We are long-time JA users, great service. -- One of our clients is a small business, formerly LLC partnership structure, converted to single owner LLC during TY2016, w… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
2016 retirement contribution. 401k joint between husband's
2016 retirement contribution. 401k joint between husband's 100% owned C Corp and wife's sole proprietorship. Both age 58. C Corp had a loss, proprietorship had gross receipts of $8000, expenses of $10… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Regarding filing of form 1096, was there ever a time when
Regarding filing of form 1096, was there ever a time when 1096 was due March 31? If so, when did it change to Feb 28? We're talking paper filing, not electronic.… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
14,657 satisfied customers
IRS Form 990 due 10/15/16. Filed an extension. When is
IRS Form 990 due 10/15/16. Filed an extension. When is extension due? Please cite info from IRS web site.… read more
Emilee Weaver
Emilee Weaver
Controller
Masters of Professional Accounting
90 satisfied customers
If I opt to file, as a landlord with eight single family
If I opt to file, as a landlord with eight single family residential rental units, Form 3115 in 2014 in order to retroactively come into line with the new repair/improvement rules instituted 1/1/14 I … read more
Rakhi Vasavada
Rakhi Vasavada
Financial and Legal Consultant
Bachelor's Degree
2,609 satisfied customers
Tax question: I've availed myself of the "saver's credit"
Tax question: I've availed myself of the "saver's credit" for low-income IRA savers for the past several years. Reading the instructions this year, it seems that you have to offset the amount of contr… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x