How to Calculate Early Withdrawal Penalties on an IRA or Roth IRA

June 30, 2024 No Comments

A: With a few exceptions, early distributions from IRAs (that is, those made before age 59½) generally incur a tax penalty equal to 10% of the sum withdrawn. To calculate the penalty on an early withdrawal, simply multiply the taxable distribution amount by 10%. An

How to Calculate Early Withdrawal Penalties on an IRA or Roth IRA

July 7, 2024 No Comments

How to withdraw money from your 401(k)

June 30, 2024 No Comments

A: The method and process of withdrawing money from your 401(k) plan will depend on your employer and the type of withdrawal you choose. Withdrawing money early from your 401(k) can carry serious financial penalties, so the decision should not be made lightly; it’s really

How to withdraw money from your 401(k)

July 7, 2024 No Comments

I am in my mid thirties and have nothing invested for retirement. Is it too late to start contributing for a retirement plan?

June 30, 2024 No Comments

A: It is never too late to start saving for retirement. Even starting at age 35 means you will have more than 30 years to save. The type of IRA you choose is usually determined by your individual circumstances and preferences. A Roth IRA is

I am in my mid thirties and have nothing invested for retirement. Is it too late to start contributing for a retirement plan?

July 7, 2024 No Comments

I am in the second year of taking SEPP distributions from my IRA. Can I transfer some of the funds to a new IRA with different investment options?

June 30, 2024 No Comments

A: The most recent guidance issued by the IRS and the Treasury Department is Revenue Ruling 2002-62. There is some disagreement in the field about the definition of account as it relates to “changes to account balance” in this ruling and both sides make convincing

I am in the second year of taking SEPP distributions from my IRA. Can I transfer some of the funds to a new IRA with different investment options?

July 7, 2024 No Comments

I am making after-tax contributions to an IRA. Will I get taxed again when I withdraw it (when eligible)?

June 30, 2024 No Comments

A: No. Withdrawals of your after-tax contributions to your IRAs should not be taxed. However, the only way to make sure this does not happen is to file IRS Form 8606. Form 8606 must be filed for every year you make after-tax (non-deductible) contributions to

I am making after-tax contributions to an IRA. Will I get taxed again when I withdraw it (when eligible)?

July 7, 2024 No Comments

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