Q. I am under age 59 1/2. What tax penalties will apply to me?A. If you are thinking of making withdrawals from your IRA or 401(k) but you are not yet age 59 1/2 you can avoid the 10% federal penalty tax by transferring your IRA or 401(k) into an immediate annuity with a...
I just purchased a fixed annuity through Fidelity (Mass Mutual) and I'm not sure if I can get out without paying a penalty. I signed the contract on June 12th. I live in Texas. I'm wondering if I can cash out. I heard that I had 3 months for the look free period from another...
I retired & rolled my 401k into an IRA. Now I need help figuring out if I should roll something into a Roth IRA each year to reduce the future hit of required minimum distributions on the IRA. I’m 62, so 10 years to go before RMD. Any articles out there that would be helpful?
hidden fees and expenses can reduce your 401(k) balance by 33% over 30 years. In other words, after 30 years, your 401(k) balance would be 50% higher without these fees. This could cost you more than $500,000 over your working years. ...
How You Can Use Your 401K to Start a Business (Tax-Penalty Free) I am a business woman at heart. I come from a long line of entrepreneurs. As a result, I am constantly thinking of businesses that may be helpful to the economy, community, or my family. ...
The real answer is that this is a trick question. If you meet one of the exceptions noted in either the401(k) withdrawal exceptionsor theIRA withdrawal exceptionsarticles, you can take a withdrawal at ANY AGE without penalty, as long as you are an eligible participant in the retirement ac...
You can borrow the money for 36 or 60 months – and you can prepay the loan anytime without any pre-payment penalty. What does it cost to get a loan? The cost of obtaining a loan (origination fee) is between 1.5% to 6% depending on your credit history. The cleaner your credit file...
There will be no escaping this complexity if you choose to take the ACA plunge. The good news is that there is a bottomless well of resources on the web to help you navigate it (the links I’ve embedded throughout this post should provide more than enough information to get you started...
5. Request Penalty Abatement The IRS can be lenient and understand your financial difficulties. You can ask the IRS not to charge ou a failure to file or pay penalties on balance-due returns. You can either use the first-abatement for the first year if you qualify, or you can consider ...
I am gambling that the system will hold together for three more years until I can take early retirement and withdraw that large chunk of change—10% IRS early withdrawal penalty be damned. Always remember that every dollar you deposit into a retirement account that you cannot access for years...