Posted 1 year ago

how much will I owe in taxes on 4000.00 401k distriubtion?

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Answered: After tax money in 401K Withdrawal Wow I am shcoked that Jennifer Stokes, Licensed CPA did not know that contributions to a 401K plan can be either pre or post-tax. I am a physician with a private practice. I offer my employees a 401K (and I participate in the plan myself). All of my contributions (i.e. $16,500 a year) are post-tax ... Posted by drjamil 3 years ago
Answered: After paying into a employees sponsered 401k plan ... First you said you withdrew your complete account. Now you are asking about other investments. It makes no sense. Talk to your financial officer at work. We have no way of knowing how your company runs or what the rules are. Ask the people who know. What benefits are you entitled to? How can ... Posted by LindaRuth 1 year ago
Answered: 401k withdraw i was laid off from the company and is currently facing financial hardship i want to withdrawl all of my money immediately Posted by michael 3 years ago
Answered: Are 401k Loans a Good Idea? If you are looking for a way to borrow money 401K loan is a good option but it has some drawbacks. You cannot contribute until you repay Your take home pay gets reduced Harsh penalties for non-payment Posted by Jenny 3 years ago
Answered: What is a 401k IRA Rollover? A 401k rollover is where you the participant move your account value/assets to an IRA (typically). IRAs are the catchall for contribution plans such as 401k and defined benefit plans such as pensions. Posted by Dan 2 years ago Helpful (1)
Answered: Cashing 401K and taxes Your down payment on a house is not a deductible item on your tax return. When you withdrew your money from your 401(K), there was a certain amount withheld from that distribution toward the taxes you will owe. But it may not be enough to cover all the income taxes and the 10% penalty, so you ... Posted by Tracy L. Coenen 5 years ago

Answered: After tax money in 401K Withdrawal

Wow I am shcoked that Jennifer Stokes, Licensed CPA did not know that contributions to a 401K plan can be either pre or post-tax. I am a physician with a private practice. I offer my employees a 401K (and I participate in the plan myself). All of my contributions (i.e. $16,500 a year) are post-tax ...

Posted by drjamil 3 years ago

Answered: After paying into a employees sponsered 401k plan ...

First you said you withdrew your complete account. Now you are asking about other investments. It makes no sense. Talk to your financial officer at work. We have no way of knowing how your company runs or what the rules are. Ask the people who know. What benefits are you entitled to? How can ...

Posted by LindaRuth 1 year ago

Answered: 401k withdraw

i was laid off from the company and is currently facing financial hardship i want to withdrawl all of my money immediately

Posted by michael 3 years ago

Answered: Are 401k Loans a Good Idea?

If you are looking for a way to borrow money 401K loan is a good option but it has some drawbacks. You cannot contribute until you repay Your take home pay gets reduced Harsh penalties for non-payment

Posted by Jenny 3 years ago

Answered: What is a 401k IRA Rollover?

A 401k rollover is where you the participant move your account value/assets to an IRA (typically). IRAs are the catchall for contribution plans such as 401k and defined benefit plans such as pensions.

Posted by Dan 2 years ago
Helpful (1)

Answered: Cashing 401K and taxes

Your down payment on a house is not a deductible item on your tax return. When you withdrew your money from your 401(K), there was a certain amount withheld from that distribution toward the taxes you will owe. But it may not be enough to cover all the income taxes and the 10% penalty, so you ...