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window
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0.10 Dollars($)
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Post subject: IRA distributions |
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| what percent is considered miniumum after 70 1/2 |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Hi window
If you're over 70-1/2 years old, then you are required to do some mandatory withdrawals from your 401k account. As far as I know, the minimum distribution amount at 70 1/2 years of age is currently 3.65%.
Thanks.
_________________
Good is the Enemy of Great. |
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coondog62
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Post subject: 401 contributions |
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| What is the difference between per and post tax contribution to a 401? Is it like the difference between IRA and ROTH IRA? |
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adonis
Joined: 22 Oct 2005
Posts: 10250
Location: ALASKA
1043.57 Dollars($)
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Post-tax contributions are not tax-deductible as a result of which you will not get a tax break for making them. As the post-tax contributions are made with money that you have already paid taxes on, you can enjoy the benefit of tax-deferred growth.
As you withdraw post-tax 401(k) funds, you will have to pay taxes on the profit that your investment has earned. You may also withdraw your post-tax contributions at any time without incurring a penalty depending upon the plan. The post-tax 401k can be rolled into a Roth IRA when you retire and you are not required to make mandatory withdrawals at the age of 70.
As far as the pre-tax contributions are concerned, the taxes are due only when you take money out of your account. It is known for the advantage of postponing tax bills during your high income years. |
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cm
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Post subject: IRA |
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| can you with draw funds from a IRA nad still contribute to a 401-k |
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| I think it is possible to withdarw dunds from IRA and then contribute to 401k. However, withdrawals from IRA before the age of 59 1/2 are subject to a 10% federal income tax penalty. |
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Serita
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Post subject: Withdrawal from 401K |
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| I am 53 years old and have around 100K in my 401K plan. I have some credit card debt that I would like to eliminate. I receive a modest pension from my previous employer and am still working. I would like to know if it would be a wise move to take money out to pay off these debts? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2617
Location: MICHIGAN
415.55 Dollars($)
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Hi Serita,
If you want to pay off your credit card debt using your 401k plan, you will actually have to withdraw a lot more than what you owe on your credit cards. The reason is the amount of penalty that you'll be paying for the withdrawal. The penalty would be 10% of the amount of money withdrawn and another 15% (atleast) as ordinary income taxes on the money. The same amount, if kept untouched would earn you a lot more in future. Thus, withdrawing from 401k will not be a very wise thing to do.
Thanks,
Jerry |
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garretts ploan
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Post subject: 401k plan |
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| I have a 401k plan at the company I work at. Want to retire at 55. Can I pull an income from this 401k plan as long as i leave it in the companies plan and not rolling over to another plan. |
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jim d
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Post subject: IRA Funds withdrawal |
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| Have funds in traditional IRA, am older than 59 1/2. What factors should I consider in trying to decide wether or not to a w/d additional funds (above the RMD), paying tax thereon (tax rate lower than when funds placed in the IRA), reinvesting in tax free investments which provide a flow of income? What is the value of converting current holdings to ROTH IRA? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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H!
Welcome to forums!
To Garrett,
Withdrawing money from the 401k plan before the age of 59 and ½ years of age will make you liable for tax penalty. If you are comfortable paying the taxes, then you can go ahead with the withdrawal.
To Jim,
As you're older than 59 and ½ years of age, you will be able to withdraw money from your IRA account. You won't be liable for any taxes in that regard. As far as converting the account into ROTH IRA is concerned, you should contact a tax adviser in this regard. He'll let you know whether there would be any tax implications.
Feel free to ask if you've further queries.
Sussane |
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Christine Carpio-Aldeguer
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Post subject: 401 (k) Plan set-up |
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OUR COMPANY WOULD LIKE TO SETUP A 401 K PLAN FOR OUR EMPLOYEES. WE ARE A SMALL COMPANY OF 11 EMPLOYEES.
[Email address deleted as per forum rules. Thanks.] |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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I don't think anyone here will be able to help you in setting up a 401k plan for your employees. I would suggest you to contact an attorney and take his help in setting up a 401k plan for your employees.
_________________
Good is the Enemy of Great. |
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John J. Cruz
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Post subject: Need a loan from my 401K |
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| Who do I turn too to get a loan? What telephonew # do I need to call? How Ca I get My owqn Money. Pl. Help. For contact info. call 239-673-8625 or239-645-9267 |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi John,
If you want to take out a 401k loan, then you'll have to speak to your human resources or benefits manager at work, or by logging into your 401(k) plan's website. Some plan providers allow you to request loans online.
Thanks |
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