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I have a question about under withholding penalty.. As I
I have a question about under withholding penalty.. … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I know I can withdraw 10k from my 401k for a down payment
Hello,I know I can withdraw 10k from my 401k for a down payment with no penalty. Is this pre or post tax?Thanks, Alex… read more
emc011075
emc011075
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Bachelor's Degree
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Here's my scenario. Me and my wife got new jobs this year
Hi, Here's my scenario. Me and my wife got new jobs this year (2016) which will bring our income close to $200k. That's a big jump from 2015 - $100K. So, my questions is, what can we do in preparation… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I paid my graduate tuition in 2014 and in 2015 totaling
I paid my graduate tuition in 2014 and in 2015 totaling $14K. I paid up front and my company reimbursed me the amount after receiving finals grades. I left the company in 2016 and have to pay them bac… read more
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Lev
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I received a class action lawsuit payment early retirement
I received a class action lawsuit payment for an early retirement plan of $30k (backpay) and $800 month 2 weeks ago. Since this is considered income, will I be assessed a penaly for underpayment when … read more
Lane
Lane
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, I'm taking an early withdraw from my 401k and they will
Hello, I'm taking an early withdraw from my 401k and they will do the automatic federal and state withholdings. They also have a paragraph that states this: "With the exception of hardship withdrawals… read more
emc011075
emc011075
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We are looking to pay off $70,000 in debt by withdrawing funds
We are looking to pay off $70,000 in debt by withdrawing funds from a traditional IRA. Should I pull out only the amount needed and take the tax and penalty in the following year, or with the amount n… read more
Lev
Lev
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I am considering converting the after-tax portion of a 401k
I am considering converting the after-tax portion of a 401k into a Roth IRA and the pre-tax portion into a traditional IRA. From what I can tell the IRS seems to not have clearly weighed in as to whet… read more
Lev
Lev
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We liquidated our IRA in the beginning of 2012. We are expecting
We liquidated our IRA in the beginning of 2012. We are expecting to pay the income tax rate on this plus the 10% early withdrawal penalty when we file our 2012 income taxes. While doing our 2011 taxes… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
3,104 satisfied customers
ok, thanks for that answer Charles. heres my issue. i have
ok, thanks for that answer Charles. here's my issue. i have $911,000.00 in a 401k of which $166,000.00 is considered after tax. i had them cut one check to a new ira plan in the form of a direct rollo… read more
CGCPA
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Hi Paul, If my wife burrowed $20,000 out of her sep IRA in
Hi Paul, If my wife burrowed $20,000 out of her sep IRA in March of 2011 and contributed the same amount back in within 12 months would there be any tax consequence? also if she files an extension for… read more
CGCPA
CGCPA
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Bachelor's Degree
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Question about tax on earnings associated with converted Traditional
Question about tax on earnings associated with converted Traditional IRA in 2010. I converted a Traditional IRA to a Roth in 2010. All of the original contributions to the IRA were non-tax deductable.… read more
Jacy
Jacy
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I have a 401k, including a traditional (about $150k) and roth
I have a 401k, including a traditional (about $150k) and roth section(about $50k), from the previous employer. The assets are reported as a lump sum to me by the management company, but they says they… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I converted 16,000 from a traditional IRA to a Roth IRA in
I converted 16,000 from a traditional IRA to a Roth IRA in 2009. Now my federal tax I owe is 1200, which means I have to pay a tax penalty. I plan to convert again this year. (I am definitely in a low… read more
jgordosea
jgordosea
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My husband and I have a higher than usual income last year
My husband and I have a higher than usual income last year amounting to $92000. We claimed 1 exemption per payroll last year and did not expect the employments took out only a total of $5K combined fo… read more
Lev
Lev
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In June of 2007, I quit my company which was taken over by ...
In June of 2007, I quit my company which was taken over by another company. There was a blackout period regarding in which the 401k program from the old company was rolled over to the new company's 40… read more
jgordosea
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If I liquidate my traditional IRA after age 65 . . . do I ...
If I liquidate my traditional IRA after age 65 . . . do I have to pay taxes early, or can I just wait until the end of the current tax year?… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
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iam 57 i have 300,000.00 in an anuity. if i cash it out i ...
iam 57 i have 300,000.00 in an anuity. if i cash it out i will pay 20% tax federal who is responsable for the other 20% penalty me or is it taken out with the initial 20% percent, and can i claim it a… read more
Christopher Phelps
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