Can I roll over a 403b plan?

July 7, 2024 No Comments

A: Part or all of the funds in a 403(b) plan can be rolled into an eligible retirement plan. Rollovers into a traditional IRA or non-Roth retirement plan are generally tax free. Funds can go into a Roth IRA by direct rollover, subject to income

Can I roll over a profit-sharing plan to an SEP IRA account without suffering any tax penalties and liquidation of current positions held in this account?

July 7, 2024 No Comments

A: It depends. If the transaction is processed as a direct rollover to the SEP IRA, then no taxes will be withheld. Through a direct rollover, the assets are made payable to the SEP IRA custodian (or trustee or plan to which the assets are

Can I take money from my 401(k) to pay taxes?

July 7, 2024 No Comments

A: Tax bills may be paid from a 401(k) through the loan provision if the plan allows for such loans, but the rules around 401(k) loans generally make it cost-prohibitive. Advantages 401(k) loans may be advantageous due to the relatively easy access to plan balances.

Can I take my 401(k) in a lump sum?

July 7, 2024 No Comments

A: The simple answer is yes. The follow up question is whether a lump-sum withdrawal is a good idea. And the usual answer to that second question is no. Establishing a retirement savings plan during your working years is a necessary part of comprehensive financial

Can I use my 401(k) as collateral for a loan?

July 7, 2024 No Comments

A: Although federal Internal Revenue Service, or IRS, regulations prohibit using a 401(k) plan as collateral for a loan, it is sometimes possible for an individual to obtain a loan directly from the 401(k) account. Basic Inaccessibility of 401(k) Funds Generally, 401(k) plans are very

Can I use my 401(k) to pay for my college loans?

July 7, 2024 No Comments

A: If you are over 59½ or leave your plan-sponsoring employer after age 55, you are free to use your 401(k) to pay for anything you like. If you are younger, you can still withdraw funds from your 401(k) to pay off college loans, but

Can I use my IRA to pay for my college loans?

July 7, 2024 No Comments

A: If you are older than 59½ and have been contributing to your IRA for more than five years, you may withdraw funds to pay off your student loans at any time. If you are younger than 59½, you can still use your IRA funds

Can I use my self-directed IRA to take out a loan?

July 7, 2024 No Comments

A: A self-directed IRA is a versatile financial resource for retirement. Under some circumstances, you can use it to take out a loan. There are some restrictions to keep in mind, or the IRS may decide the account no longer qualifies for deferred taxation. The

Can I, without tax penalties, use the IRA I inherited from my father to buy a home that I will live in? He was 72 and had started taking small payouts on it.

July 7, 2024 No Comments

A: If you inherited an IRA from someone who was not your spouse at the time he/she died, the amounts that you receive as a distribution from the IRA will never be subject to any early-distribution penalties. However, amounts you receive will be treated as

Can I close my existing Roth IRA and invest in a new Roth IRA at a different financial institution without a tax penalty?

July 7, 2024 No Comments

A: If you withdraw your Roth IRA contribution, the amount will be tax and penalty free. If your initial contribution accrued earnings while in the Roth IRA and you also withdraw the earnings, the earnings will be subject to income tax. Furthermore, if you are under

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