Let’s Talk About Retirement

kydadoflouisville asked:


I recently got divorced. I have to sign over 1/2 of my 401k to her. I am thinking of asking her to buy her out less any taxes she would have been charged. What percentage is taken out of a 401k when removed. I am trying to think of an offer to give her. The 401k is not alot. (24,000) She gets 12k. Any Ideas?

Website content

wizeman asked:


In tax year 2006, Since I am over 50 years old, I contributed $5,000 to a traditional IRA because I wanted to reduce my taxable income. My 401k contributions brought my income just a little over $50,000 so I was able to reduce my income by most of $5,000. Is there a limiy as to how much I can have my employer deposit into my 401k account? My income will increase a little and want to be able to contribute more so that my 2007 taxes can be reduced by a $5,000 traditional IRA contribution.

Caffeinated Content

zaxxon asked:


What if, in the hypothetical case, I cashed my 401K, paid nothing to the IRS and ran away to a foreign country to never come back to the US?

Caffeinated Content - Members-Only Content for WordPress

skybelle24 asked:


I have to have a $25,000 surgery not covered by insurance. I’m thinking of cashing out my 401K and someone told me that you can do it tax free for medical bills. Is this true?
I’m only 25 so it’s not like I can’t build back up my 401K…

Caffeinated Content - Members-Only Content for WordPress

401K girl asked:


I am leaving a company and have $4,988.00 in my 401K and would like to cash it out.

Caffeinated Content

Erica T asked:


Is it possible to take a loan from your 401k with out having to pay taxes on it till 2010 taxes.

401K

RJ asked:


I know that the government has changed the distribution age several times in the past on 401k plans but I was told that the government could change the tax rate anytime and for any amount.

Create a video blog…instantly.

soulravah asked:


………..

I have money invested in my 401K.

If I get fired from work, what kind of taxes will I owe if I need to access my 401K for funds, while looking for a new job?

Thanks!

Website content

Bryan C asked:


My wife’s company just added a 401k and I am considering contributing to it but was wondering if there are limits to max 401k contributions if we file married/jointly? I currently max out my 401k account and I know with our combined income status IRA contributions are no longer tax deductible so I am worried adding to her 401k will bring the same limitation.

Create a video blog

nikkisdaddyo2000 asked:


In order to avoid bankruptcy, during a 9 month period of unemployment, It was necessary to take early distribution monthly from 401K for income. Are there any hardship provisions for this type of forced early distribution?

Create a video blog