How to Retrieve Cash From IRATerry Savage
A $100,000 charitable contribution from your IRA could save you tens of thousands of dollars in taxes, depending on your tax rate. But you don't have to make a huge donation to benefit from thistax break. For a retiree in the 24% tax bracket, an IRA charitable contribution of $5,000...
I need some extra money to tide me over until I get my year-end bonus (which is usually paid in mid-January). I don't want to draw down any more on my home-equity loan, so I thought I would borrow the money from my IRA and repay it with interest. Please advise.Bethe Growe...
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401(k) cash out Alternatively, and only as a last resort, you can cash out your old 401(k)—but think hard before you do so. Tapping this account prior to age 59 ½ will trigger a 10 percent penalty. That’s on top of the regular income tax you’ll pay on that money. Plus,...
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If you can't come up with that kind of cash all at once, you can set up a schedule that works for you. For example, it’s easy to set up automated payments that regularly transfer money from your bank account into your IRA account. That could be every two weeks (when you get your...
If you are strapped for cash, the Roth IRA option may be a tougher commitment to make. The traditional IRA takes a smaller bite out of your paycheck because it reduces your overall tax liability for the year. Even if you feel that you have to forgo the Roth option for now, you might...