Can a 401(k) be used for a house down payment?

June 30, 2024 No Comments

A: A 401(k) retirement plan can be tapped to raise a down payment for a house. You can either borrow money or make a withdrawal from your 401(k). Withdrawing From a 401(k) The first and least advantageous way is to simply withdraw the money outright.

Can a 401(k) be used for a house down payment?

July 7, 2024 No Comments

Can a person who is retired continue to fund an IRA?

June 30, 2024 No Comments

A: For the purposes of contributing to an IRA, compensation (i.e. earned income) does not include income from a pension, an annuity or Social Security. Generally speaking, you must have earned the income by performing services (i.e. work) or received it as alimony and/or a

Can a person who is retired continue to fund an IRA?

July 7, 2024 No Comments

Can a simplified employee pension (SEP) IRA be converted to a Roth IRA in the same manner that a Traditional IRA can?

June 30, 2024 No Comments

A: Yes. An SEP IRA can be converted to a Roth IRA. As you may know, an SEP IRA is just a Traditional IRA that receives employer SEP contributions. Once the SEP contributions are made to the account, they immediately assume the identity of regular

Can a simplified employee pension (SEP) IRA be converted to a Roth IRA in the same manner that a Traditional IRA can?

July 7, 2024 No Comments

Can a spouse who is not named as a beneficiary receive assets from an IRA?

June 30, 2024 No Comments

A: It depends. Generally speaking, the designation of beneficiary form dictates who receives the assets from the individual retirement account (IRA). Therefore, no one else is entitled to receive any share of the IRA unless the named beneficiaries choose to disclaim their portions. However, if

Can a spouse who is not named as a beneficiary receive assets from an IRA?

July 7, 2024 No Comments

Can a variable annuity be rolled into an IRA?

June 30, 2024 No Comments

A: You can roll qualified variable annuities – those established with pre-tax dollars – over into a traditional IRA. Qualified annuities are often set up by employers on behalf of their employees as part of a retirement plan. Non-qualified variable annuities – those established with

Can a variable annuity be rolled into an IRA?

July 7, 2024 No Comments

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