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window
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0.10 Dollars($)
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Post subject: IRA distributions |
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| what percent is considered miniumum after 70 1/2 |
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Niicss
Joined: 03 Oct 2005
Posts: 2617
Location: New Jersey
409.01 Dollars($)
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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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0.10 Dollars($)
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Post subject: 401 contributions |
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| What is the difference between per and post tax contribution to a 401? Is it like the difference between IRA and ROTH IRA? |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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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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0.10 Dollars($)
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Post subject: IRA |
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| can you with draw funds from a IRA nad still contribute to a 401-k |
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0.10 Dollars($)
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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: 1773
Location: MICHIGAN
264.99 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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T-man
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Post subject: 401k Loan Repayment Rules |
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| Hi, I just turned 59 1/2 and have an outstanding 401k loan balance of $20,000 which was from a loan to purchase my primary residence. If I lose my job or decide to take early retirement what are the payback rules on the outstanding loan? |
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linda
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0.10 Dollars($)
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Post subject: |
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| i want to know how to take money out of my 401 (k) |
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discomaniac
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0.10 Dollars($)
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Post subject: best way to withdraw your 401k after your company shutsdown |
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| I will no have a job after Nov 5 since the company I work for sold the plant and I would like to know the best way to withdraw my 401 k to pay my bigger bills - property taxes,taxes owed to IRS without losing half my money for taxes and penalties? |
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