Tax
Have a tax question? Ask a tax Expert
Connect one-on-one with {0} who will answer your question
Answered in 3 minutes by:
3/1/2023
Gagan, CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,966
Experience: Expert
VerifiedHi there, welcome to JustAnswer. My name is ***** ***** I’m a CPA. It’s a pleasure to be able to assist you, and I'm reviewing your question now. As I review your question, please note that our system is built on answering one-off questions and is not entirely based on dialogue.
If you have additional unrelated questions after the initial is answered, you can always request me by using my profile link: https://www.justanswer.com/finance/expert-gagank/?rpt=3800
Please hold on, I am reviewing your question now and will type the appropriate answer right away.
That's a great question, I definitely would recommend contributing to both as you get a tax break for those contributions as well
I would not recommend taking a loan against a 401K however, as the tax penalties are quite high
If your employer has a matching program for these contributions, I would contribute enough to maximize the matching as this will help maximize their portion of the contributions as well. It doesn't matter the age to start contributing necessarily but the earlier the better so you can start earning interest on those savings
How JustAnswer works
Describe your issueThe assistant will guide you
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
100% satisfaction guaranteeGet all the answers you need
Related Tax Questions
I just opened a Self-employed 401k. I am unincorporated. If
I just opened a Self-employed 401k. I am unincorporated. If I make employer profit sharing contributions, those will be tax deductible, correct?… read more
Lev
46,731 satisfied customers
What is the 401K contribution limit for dual income couple
What is the 401K contribution limit for dual income couple (employees) that file as married, filing jointly? Is it #20,500 total for both, or can each one contribute $20,500? … read more
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,363 satisfied customers
Question. Client is an S-Corp. Only 2 employees are a mother
For CarterHey - Another question. Client is an S-Corp. Only 2 employees are a mother and son. They want to open and contribute to a retirement/profit sharing plan. Preferably a ROTH type plan. What ar… read more
Carter McBride
LLM
9,919 satisfied customers
If I contribute the maximum amount to a Roth 401k ($19,500
If I contribute the maximum amount to a Roth 401k ($19,500 based on what I read) then can I not additionally contribute to a Roth IRA for the same year?… read more
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,363 satisfied customers
I have a question regarding retirement contributions. I have
I have a question regarding retirement contributions. I have a business set up as an S Corp and I'd like to get money out of it into a retirement plan. I'd prefer that in compensation aside from distr… read more
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,363 satisfied customers
I am self employed, 55 years old, and recently divorced. I
Second Opinion] Hello. I am self employed, 55 years old, and recently divorced. I am awaiting to receive a portion of my ex's 401k through his company employment. After some research on my part, I thi… read more
Lev
46,731 satisfied customers
What are my limits for my 401k Roth account? These are my
What are my limits for my 401k Roth account ? These are my options: Your Pretax Contribution 20 Your Roth Contribution 12 Your Pretax Catchup Contribution 0 Your Roth Catchup Contribution 0… read more
Diligent Mike
Attorney
Master's Degree
347 satisfied customers
I had my whole return taken by the IRS last year to pay
I had my whole return taken by the IRS last year to pay student loans so I had to withdraw that amount out of my retirement to cover bills and this year they want to tax me the additional 10% for with… read more
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,363 satisfied customers
I am completing my military service and debating on whether
I am completing my military service and debating on whether to roll over my TSP to IRA account or 401(k) of my new employer. My new employer has a matching up to 6%. Please help… read more
ALEX O
Partner O & G Tax
Master's Degree
7,694 satisfied customers
Self-Employed subcontractor question... Which retirement has
Self-Employed subcontractor question...Which retirement has the highest tax advantages for a self-employed (0 employees, with a spouse) for the family and what are the contribution limits: Business ne… read more
Barbara
Enrolled Agent, Paralegal
26,906 satisfied customers
I'm self employed with a small construction company and
I'm self employed with a small construction company and haven't done much to save for retirement. I'm 42 years now and would like advise on possible retirement saving options. Do I qualify to create a… read more
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,363 satisfied customers
Thank you in advance for any help! Background: I am a
Hello and thank you in advance for any help!Background: I am a self-employed sole proprietor (no employees) with estimated net profit of $115,000 for 2018 and am looking to maximize my tax-deferred sa… read more
Lev
46,731 satisfied customers
If I contribute 24k to my employer Roth IRA how will that
If I contribute 24k to my employer Roth IRA how will that effect the federal tax liability of $20k for 2018 ? In other words, how much will it reduce the liablity IF any ?… read more
Lev
46,731 satisfied customers
Here goes... I have 2 sub accounts with Vanguard that are a
here goes... I have 2 sub accounts with Vanguard that are a mix of 401K rollovers (pre and post tax contributions) and IRA (post tax contributions that were declared as deductions on my annual income … read more
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
I have 140,000 in W2 income with an employer sponsored 401K
I have 140,000 in W2 income with an employer sponsored 401K for 2013. I also have 94,000 in 1099 income for 2013. Are my contributions to my employer sponsored 401K deductible or are they already put … read more
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
24,939 satisfied customers
HELLO, I JUST TOOK OUT A 401K LOAN FOR $20,000 AND I WAS TOLD
HELLO, I JUST TOOK OUT A 401K LOAN FOR $20,000 AND I WAS TOLD THAT I WILL BE PAYING MYSELF INTEREST AND NOT A BANK. IF THAT IS THE CASE, WHY SHOULD YOU HAVE TO PAY INTEREST AT ALL? IS THAT AN IRS REQU… read more
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,667 satisfied customers
Good morning. I am a self-employed bookkeeper who files Schedule
Good morning. I am a self-employed bookkeeper who files Schedule C. I have no employees other than myself. I contribute (as an employee) to a Self-Employed 401(k) that I set up at Fidelity a few years… read more
RD
Self Employed
Master's Degree
1,129 satisfied customers
Hi, I have a full time job with a 401k plan, and also run
Hi, I have a full time job with a 401k plan, and also run a personal business unrelated to my job. I'm currently contributing full amount to my employer 401k plan. The personal business money typicall… read more
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
3,136 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
JustAnswer in the News:
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
What Customers are Saying:
I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...
Matteson, IL
I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.
Chesnee, SC
Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.
Minneapolis, MN
Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.
Hesperia, California
Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.
Freshfield, Liverpool, UK
This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!
Los Angeles, CA
Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.
Hesperia, CA
< Previous | Next >
Meet the Experts:
Wallstreet Esq.
Tax Attorney
586 satisfied customers
10 years experience
Mark D
Enrolled Agent
1,338 satisfied customers
MBA, EA, Specializing in Business and Individual Tax Returns and Issues
Richard
Tax Attorney
6,083 satisfied customers
29 years of experience as a tax, real estate, and business attorney.
PhillipsEsq.
Attorney-at-Law
878 satisfied customers
B.A., M.B.A, J.D.
Loren
Attorney
834 satisfied customers
Over 25 years practicing law
Robin D.
Senior Tax Advisor 4
24,939 satisfied customers
15years with H & R Block. Divisional leader, Instructor
Megan C
Certified Public Accountant (CPA)
8,667 satisfied customers
Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
< Previous | Next >
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
