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I am thinking of taking any early withdrawal from my 401K to
I am thinking of taking any early withdrawal from my 401K to pay off debt. I am 64 years of age. I understand the feds will take 20% off the top. Will I get hit with more taxes in income tax time? … read more
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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
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My husband passed and left me in a lot of debt. If I pay it
My husband passed and left me in a lot of debt. If I pay it can I deduct it on my taxes? … read more
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My wife and I wish to help our daughter and son-in-law
My wife and I wish to help our daughter and son-in-law purchase their first home with a down payment, we plan to take $70,000 each from our 403b and 401k plans. I am retired so this will be a withdraw… read more
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Sure, A former employer is offering early withdrawal of my
A former employer is offering early withdrawal of my pension funds … read more
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We had a 70,000 loss selling our former home (which had been
We had a 70,000 loss selling our former home (which had been rented for three years prior to sale.). Is there a limit to the amount of loss we can use on our Federal tax return to offset gains realize… read more
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I'm interested in purchasing a home here in Nevada and
Hello, I'm interested in purchasing a home here in Nevada and trying to figure out the best way to spend money for a $100,000 mortgage downpayment plus $14,000 closing costs($114,000 total) from the f… read more
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I have a pension that I can cash out (just left my job) in
I have a pension that I can cash out (just left my job) in the neighborhood of 165000; I have 68,000 in credit card debt and 22,000 in auto debt. The CC payments are almost 1800/month to maintain, and… read more
Stephen G.
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Im purchasing a house and will us a 401K withdrawal to supplement
I'm purchasing a house and will us a 401K withdrawal to supplement my down payment. I also have a mutual fund investment which I'm consider using. I know that I will take a 20% tax and 10% penalty on … read more
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This question pertains to another rental property that is owned
This question pertains to another rental property that is owned tenancy by the entireties with my spouse. We purchased this investment property in cash ($220,000) seven years ago. This condo property … read more
Lev
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Hello. I currently have a 401K that is pretty much dormant.
Hello. I currently have a 401K that is pretty much dormant. The company that I had it with went into bankruptcy. I have 52K in this 401K and a separate 401K with my current employer. I know that I hav… read more
DanielleCPA
DanielleCPA
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I currently have outstanding credit card debt of $40,000.
I currently have outstanding credit card debt of $40,000. I have maxed out 401K loans and can not take any more money out of the equity in my house. I am considering a 401K hardship withdrawal in orde… read more
Wendy Reed
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Im 64 years old -- I have 56K in a company 401K -- this
I'm 64 years old -- I have 56K in a company 401K -- this plan will not let me brought against it -- I need the money to start a business -- if I withdraw it,they will take 20 percent out for fed. taxe… read more
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I am just under 40 years old. I have $50,000 in my employer
I am just under 40 years old. I have $50,000 in my employer sponsored 401k account. I may be leaving this employer later this year. I am considering cashing-in the balance and paying off my very heavy… read more
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Hi, If you had a 401K with approx $100K and owed approx $70K
Hi, If you had a 401K with approx $100K and owed approx $70K for unsecured debts, and you were 56.5 yrs age, would you take out the 401K balance right now and pay the interest and penalties, or ride t… read more
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We have just received a letter from the IRS saying that we
We have just received a letter from the IRS saying that we owe them almost $14,000 because our income on their file does not match entries on our 2007 form 1040. Basically we borrowed money from my hu… read more
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Having ignored CompanyX communications regarding rollover options for her 401(K) post retirement 12/31/07, AuntS – age 80 and terminally ill - was issued a check [circa $55,000] excluding 20% taxes. 3… read more
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I know your not supposed to withdraw from your 401K ...
I know your not supposed to withdraw from your 401K account...ever.... but I have been ''swimming" for almost year juggling all bills - credit cards, installment loans and including my mortgage recent… read more
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