Joe Udo
(k) loan, unless you repay it. You can avoid taking the tax hit by rolling over the outstanding balance into an IRA or another eligible retirement plan by the due date (after extensions) for filing your federal income tax return for the year in which the loan was characterized as a ...
Annuities Annuities are another type of retirement tool that some people use. This type of investment will provide you with a regular payment once you reach retirement age. Annuities are also allowed to grow tax-free just like an IRA or a 401k. With an annuity, you can start receiving payme...
► Is the Roth IRSA really an advantage?► How to Use 529 Pans - EVEN IN RETIREMENT!► The old standby - municipal bonds► Sell your house and pay $0 Capital Gains► How 85% of Retirees pay $0 tax on Stock Dividends and Capital Gains► Pay the lowest amount (or maybe $0)...
Because I’ve mostly forgone income this year, I’ll be able to roll over a chunk of money from the 401k to my Roth IRA. I’ll still need to pay taxes on it, but at least it will be now while my income is effectively zero and I can minimize the tax hit. ...
IRA in most cases without tax. This is because the 401k isn’t subject to the “little bit pregnant” rule alluded to earlier. Once you’ve removed the after-tax contributions and put them into a Roth IRA, you might want to rollover your 401k (the remaining money) if it makes sen...
If I’m to retire at age 55 or earlier, I want to primarily fund my lifestyle with taxable funds so that tax-advantaged savings can be utilized after 59 1/2. Each year Imax out my 401k,my Roth IRA, Mrs. RBD’sspousal Roth IRA, and529 plansfor all three kids with my salary inco...