Let’s Talk About Retirement

Bala Gopalakrishnan asked:


I have a 401K that is vested for around 100000 US$ and I am allowed to take it after I leave the employer. I do plan to go back to India. Is it possible to take 15,000 $ per year and avoid paying federal and state taxes ( Since Iam out of country and not a resident + it falls with less income per annum). Is there a penalty that I have to pay while taking money out. I will have closed all my bank accounts except this IRA/401K account and so how would I pay the penalty and any taxes that might occur. Please advice.

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Dbub asked:


What kind of rollover or plan can I use so I can avoid paying taxes on my 30 year pension when I retire at age 55 ? I have been told I will have to pay penalties and taxes regardless if I am not 591/2 yrs old. Is this correct ? THanks

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rvirzi2000 asked:


Suppose I retire and start collecting Social Security benefits, but I also work part time and earn income. Ignoring any income taxes taken out of my pay, does Uncle Sam also still take social security tax from my wages even though I am now a beneficiary of the system?
TIA
I know the rules of how federal income tax is determined after retirement. What I want to know is will I still be paying into the social security fund even after I start collecting social security myself.

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taca c asked:


I need to help a retiring family member 57. He had a steady job for 9 yrs + at home business for 5 yrs. Due to receive settlement from a on the job injury. Need to resolve tax issue NOW. Yes he has most of his records (80%).

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MATADOR asked:


I am planning on having surgery out of the country, since the surgery in US is too expensive, I am thinking to use the money I had saved in my retirement account( IRA) .
Can I use this money without paying a penalty?
Since is for health reasons.
Does it matter that the surgery will be performed in another country?

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cwyetta asked:


WE took out the PERA before retirement.

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aikon56 asked:


Can a 66-year old individual with no retirement or regular income file for a tax return and be eligible for the stimulus package check in May 2008?

How would the tax return be prepared: $0 income?

Thanks.

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spidersam408 asked:


What age and what are the conditions for retirement? Can you work when you are retired for money? What are the rules for the state of California?

ADOLPH

Rob W asked:


I moved from VA a few days prior to my official retirement effective date. I receive a final pay, including substantial leave cashed out after I moved. Is this subject to Virginia tax? All preretirement pay, including this shows up on my W2 with VA as the state reflected on it.

LUANN

moeursalen asked:


Full retirement age means that you won’t get a benefit rate which has been reduced because of age.

ALBERTO