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Have a defined benefit pension plan that I am being given a
have a defined benefit pension plan that I am being given a choice of a cash payout or an annuity and I am wondering what the tax implications here are? I will likely put it into an IRA (not take the … read more
Anne
Anne
Master Tax Preparer
2,570 satisfied customers
I recently changed jobs and rolled over my 401k to an IRA. I
I recently changed jobs and rolled over my 401k to an IRA. I had some money in a regular 401k and I had some money in a Roth401k. They sent two checks to my investment firm. I wanted both checks to be… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
44,296 satisfied customers
Sears closes local store and i lost my job. i closed my old
sears closes local store and i lost my job. i closed my old defined benifit pention and moved the money to an ira annuity. now i am moving my 401k money to an ira bank account. is thieir a problem ? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
12,896 satisfied customers
I just transfer my 401 k into a money Ira Money market. I
I just transfer my 401 k into a money Ira Money market. I want to put some of it in a Ira CD. Am I allowed to transfer it again without a penalty. Also My income is low this year and I want to take some out and put it into a traditional taxable CD because my income is low instead of getting taxed more at when I reach 701/2 … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,818 satisfied customers
I am buying my first home. I have a roth 401K and want to
I am buying my first home. I have a roth 401K and want to use those funds for the downpayment in the amount of $75,000. I have been reading to transfer it to an IRA and withdraw from that to avoid pen… read more
Bill
Bill
Master's Degree
3,172 satisfied customers
My employer had a defined pension plan and the money has been
My employer had a defined pension plan and the money has been distributed and rolled over into 401k. I want to leave the employment can they ask this money back?… read more
Anne
Anne
Master Tax Preparer
2,570 satisfied customers
401k rollover question. I have approx $280k in a 401k. I
401k rollover question. I have approx $280k in a 401k. I am leaving a job, and becoming an independenct contactor. I do have a loan against my 401k of about $17k. I would like to take money out of my … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,818 satisfied customers
I am being offered a lump sump payment of my retirement benefits
I am being offered a lump sump payment of my retirement benefits from my previous employer. I don't know whether I should take the lump sum, a partial lump sum, roll over to an IRA or 401K, or leave a… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,818 satisfied customers
Hello I am going through a divorce and I will be receiving
Hello I am going through a divorce and I will be receiving about half of my husband's 401k account. I would like to roll this over into a new IRA account. I would like to open a Roth IRA at my credit … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,818 satisfied customers
I withdraw 6 times 401 k to pay my credit card for gambling.
I withdraw 6 times 401 k to pay my credit card for gambling. Within 2 months of first withdraw, I win the money and roll it back. DO I Still need to pay income tax and penalty… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
44,296 satisfied customers
I withdraw six times from my 401k investment last year. Within
I withdraw six times from my 401k investment last year. Within 2 months from my first withdraw, I paid it back. Does this means that I don't have to pay penalty and income tax for my first withdraw. H… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
1,099 satisfied customers
I am in the process of purchasing a home and would like to
I am in the process of purchasing a home and would like to use some of the money I have sitting in a 401k with my previous employer. My Retirement specialist indicated that the only way I could use th… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,665 satisfied customers
i am 52. I suppose you could call me "retired", but I just
i am 52. I suppose you could call me "retired", but I just ended employment with my company to pursue another career on my own. I have $56,818 in a 401k. I am considering buying an annuity and receive… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,818 satisfied customers
I am changing careers, want to roll 401k over into Roth IRA
I am changing careers, want to roll 401k over into Roth IRA and cash out some to purchase a foreclosed home cash in Seattle area. Am age 50 female, recent VERY bad marriage resulting in loss of home a… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
44,296 satisfied customers
Im 58 yrs old. I left my last job 40 days ago. I rolled
I'm 58 yrs old. I left my last job 40 days ago. I rolled my 401k that was with them into a Traditional IRA. Can I now roll a part of that into a Roth IRA pay the taxes in 2011 & 2012 then withdraw fro… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I withdrew a large sum of money from my dwindling 401K two
I withdrew a large sum of money from my dwindling 401K two weeks ago and was taxed 30% - I will be rolling this money over to a savings CD within the following week. How do I get this large sum of tax… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
When a profit sharing plan is being dissolved because of ...
When a profit sharing plan is being dissolved because of the business being sold. All employees must be cashed out. If they want to use some of that money do they in addition to paying taxes on it sti… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
3,136 satisfied customers
client did a direct transfer into variable annuity found ...
client did a direct transfer into variable annuity found out about fees and surrender charges and chose the 10 day free look option to get out of contract. he wants to roll monies over with me, except… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
3,136 satisfied customers
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