401k
Roth 401k vs 401k Contributions
Should you make your contributions into a Roth 401k (post tax money) or make contributions to a non-Roth 401k (pre tax money). Q: My husband and I are trying to determine whether he should continue to make retirement contributions into …
Short Sale Approval Not Possible With Lender
Some lenders are harder to get to approve a short sale. If you are having trouble, here are some ways to get your short sale approved. Q: I own a home, but I bought another home with my boyfriend. I …
Paying For College With ARM Home Loan Or 401k?
Using ARM loan is better than 401k to pay for college. Q: My husband and I are 56 and 55 respectively. We have 3 college tuitions and 2 of 3 weddings done, and are now thinking of taking advantage of …
401k Withdrawal Or Home Equity To Pay For Wedding
What would be better, the withdrawal of 401k funds or to obtain an home equity loan to pay for wedding expenses? Q: I am 57 and my husband is 62. We would like to borrow $25,000 to help pay for …
Don’t Use 401k Withdrawal to Pay Off Mortgage
Don’t use 401k withdrawal to pay off mortgage. Don’t pay off a mortgage with a 401k withdrawal. Homeowners should not take money out of a 401k to pay off a home loan. Taxes and security issues are why homeowners should not use a 401k withdrawal to pay off mortgage loan. Homeowners should try to budget their money rather than use 401k withdrawal to pay off a mortgage.
Lien On Property Shouldn’t Be Paid With Retirement Funds
Liens on property must be paid, but make sure you truly owe money on the liens. If you owe money on a lien and want to pay it off quick be careful with removing funds from a retirement fund. Don’t rush paying off a lien if it means dipping into a 401(k). The tax penalties of removing from your 401(k) savings can be harsh. Talk to a real estate agent to find out more about liens on your property.
401k Loan Must Be Paid Back Or Face Tax Consequences
A 401k loan must be paid back in 60 days or the IRS will look at is as a 401k distribution and you will have to pay taxes and penalties. You have to find a way to pay back a 401k loan within 60 days. To avoid paying penalties on a 401k loan, you should avoid taking 401k loans and consider rolling over the rest of your 401k into an IRA. Don’t get stuck paying penalties on a 401k loan.
Where To Invest Money When You Have No Debt
Wouldn’t it be great if you had no debt? And if you had no debt and had money to invest, where would you put it? Leave your comment below on your advice as to where you would invest your money if you had no debt. Would you invest in the stock market, bonds or put the money into a retirement account like a 401k? Some people might even invest the money in a tax free annuity. But if you are self employed, you may have additional options available to you.
IRS: 401k Hardship Withdrawal Information
IRS: 401k Hardship Withdrawal Information. The IRS recently updated its 401k Hardship Withdrawal information. This information is for anyone who is out of work, had extremely high medical expenses or needed, for some other reason, to make a withdrawal from a 401(k) plan. If you qualify for a hardship withdrawal, you will not owe penalties on the withdrawal. You will still owe taxes to the IRS. For more details, consult a qualified tax planner or preparer.
How Do You Withdraw an After Tax 401(k) Contribution?
What happens when you make after tax contributions to a 401(k) plan and you now need the money? Can you withdraw just the after tax contributions and not pay any tax? Or, will the IRS require you to withdraw the funds in a proportionate way, based on the total amount in the plan?
