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If your total standard income for 2020 is $175k but then you
Hi if your total standard income for 2020 is $175k but then you liquidate your 401k in the amount of 91k under Covid Care Act so do not receive 10% early withdraw penalty and you want to pay estimated… read more
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If I am let's say 61 and my 401K is let's worth 500,000 and
Ok, so if I am let's say 61 and my 401K is let's worth 500,000 and I can withdraw let's say $250,000. I understand I won't be charged the 10% early withdraw, but wouldn't $250,000 put me in a higher t… read more
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Hello, my wife and I bought a house in Wisconsin this year. To do so we pulled money from her 401k. I'm aware that there is a lifetime 10k penalty free withdrawal for this purpose. Even though we pull… read more
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, I cashed in retirement of 16K and withheld 20%. I'm
I cashed in retirement of 16K and withheld 20%. I'm under 59 so I'm gonna get hit with the extra 10% penalty. Biggest question is will this bump me into next tax bracket? for instance, If Im at 80K income now, plus the withdrawal of 16K, will that mean that i will get hit for higher taxes on the 80k since it will bump me into the 28% tax bracket? I haven't taken out extra taxes against my regular income, so I'm afraid this will crush me financially. … read more
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If the federal IRS penalty for early withdrawal from a 401k
If the federal IRS penalty for early withdrawal from a 401k account is 10% for hardship child education expenses, what is the Wisconsin dept. of Revenue penalty for early withdrawal from a 401k for ha… read more
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I have an old 401k that my old employer terminated and I was
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I live in Wisconsin, I am 32 years old. I started a new job
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I am planning on withdrawing money from my 401k for home purchase.
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I am in the process of buying a house and need to take a hardship
I am in the process of buying a house and need to take a hardship withdrawal from my 401K. I am 43 and make about 70,000 a year. Is the 10% penalty still assessed for hardship withdrawal for your firs… read more
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I had an outstanding loan on my 401K which was used to buy
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If I withdraw $10,000 from my 401k and that is my only income for the year, will I have to pay income tax on this amount?… read more
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I took a lump sum payout of my 401k money once I left my employer in July of 07. The up front taxes were taken out as expected but I am trying to set aside enough money to cover the 10% penalty at tax… read more
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