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I live in NY and work in NJ. I have serious debt and want to
I live in NY and work in NJ. I have serious debt and want to withdraw a large amount from my 401K to get out of credit card debt, reduce my monthly outgo, and not lose my home. The fund will take 20% … read more
Barbara
Barbara
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If I were able to withdraw the money I have in my account
Hi, if I were able to withdraw the money I have in my account what would the fees be? … read more
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My husband and i own a home in Illinois. While i have lived
My husband and i own a home in Illinois. While i have lived here in Illinois, the past two years my husband has been living and working in the u.s virgin islands. He has only come to Illinois a couple… read more
Rick
Rick
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I need to know how much money withhold from a early ira
I need to know how much money withhold from a early ira withdrawal for taxes … read more
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I am recieving a lump payment into a 457 account and need to
I am recieving a lump payment into a 457 account and need to know how much taxes I need to set aside for federal and the state of Illinois … read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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I'm cashing out my 401k from my old employer. I'm purchasing
I'm cashing out my 401k from my old employer. I'm purchasing my 1st home. I withheld 25% for federal taxes. I understand there will be a 10% penalty when my taxes. They stated can opt to withhold my s… read more
Robin D.
Robin D.
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I retired at age 56 will I get hit with a 10 percent
I retired at age 56 will I get hit with a 10 percent pentelty tax I read now I would not … read more
Barbara
Barbara
Enrolled Agent
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I am 66 years old now with a 401k plan but don't plan on
I am 66 years old now with a 401k plan but don't plan on retiring for another 5 years. My granddaughter is buying her first home and I would like to gift her 5k out of my 401k for her down payment. Qu… read more
PhillipsEsq.
PhillipsEsq.
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I am currently age 55, live in Wisconsin and receiving
I am currently age 55, live in Wisconsin and receiving Social Security Disability. I am considering withdrawing from my 401K account. The 401K balance is approximately $23,000.00 For the Year 2019, I … read more
Lev
Lev
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Bachelor's Degree Equivalent
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I live in Illinois. My Father in Law died and we received
I live in Illinois. My Father in Law died and we received inherited IRA. He was over 80 years old. We took the cash out lump sum option. I do understand that this is counted as income and next year wi… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I have a tax question regarding my 401k. I am 59 1/2 and I
I have a tax question regarding my 401k. I am 59 1/2 and I want to make a withdrawal from my account. I'm still working. I understand that I would have to pay federal taxes and also state taxes, but I won't be penalized the additional 10% because I am eligible at 59 1/2. My question is, I leave in New Jersey, but I work in New York so would I be responsible for paying taxes for NJ and NY or just NJ on the money I withdraw? … read more
Lev
Lev
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Bachelor's Degree Equivalent
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A taxpayer takes an early distribution from her 401k plan.
A taxpayer takes an early distribution from her 401k plan. Is this income subject to tax & an early withdraw penalty in the state of Illinois?… read more
Lev
Lev
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My mother recently died and left my brother and I with a 401k
My mother recently died and left my brother and I with a 401k valued at $400,000. This account represented her entire estate. We will split this money 50/50. I live in washington he lives in illinois.… read more
Merlo
Merlo
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I am 65 years old. I have a 401k value $300,000. I wish to
I am 65 years old. I have a 401k value $300,000. I wish to take all of this money out in a lump sum. What are the penalties,federal,state ect. of doing this. I live in Mass. I do not wish to roll it o… read more
Merlo
Merlo
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We moved from Fl to NC. We had to use money from the 401k to
We moved from Fl to NC. We had to use money from the 401k to exsist. I clamied the money for the feds, but not NC since the money was earned in NC. Now NC is going into our federal tax returns(did not… read more
Merlo
Merlo
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I will be taking a 401k distribution (early) in Illinois while
I will be taking a 401k distribution (early) in Illinois while an Illinois resident (lease, job, etc. in IL). Later this year, I plan on moving to California. Will both California and Illinois tax me … read more
RD
RD
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Master's Degree
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I left my job suddenly and need money. I need to ...
I left my job suddenly and need money. I need to withdraw from my retirement and want to know how much I should have the plan withhold for federal and state income taxes? What percentage? Thanks… read more
Merlo
Merlo
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558 satisfied customers
I am thinking of buying my first home here most likely in ...
I am thinking of buying my first home here most likely in July of this year. I have money in a 401k from a previous employer and I would like to use some of that for a down payment on my housing purch… read more
Christopher Phelps
Christopher Phelps
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