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Never said the amount of text you're going to pay
Why is there such this dumb focus on the taxes you have to pay off you cash it out?
It went into the 401k pre-tax, so if you cash it out then it's just part of your annual income and taxed as such accordingly.
The only REAL tangible negative to cashing out is the IRS 10% penalty.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
What is max tax to pay from cashing out 401k? I don’t plan on working this year. What should I hold on to for taxes owed?
Thanks for this info! What about withdrawing a large amount from your 401K early (say $100K)? I heard it's better to split that up into small chunks and withdraw over time instead of all at once, but when I did the math, it looks like it would actually be MORE taxes by withdrawing the money in chunks instead of all at once (because you pay taxes and penalty during each withdrawal). Does this sound correct to you, or did I just do the math wrong?
If I quit a job and W-2 salary of 150K and then withdraw my 401K account with 100k, then does this put me in a higher tax bracket of 35% for this year that I have to pay taxes on the year's income of 250k instead of my usual tax bracket of 24%?
I tried cashing out my 401k and they told me I couldn't. Its a traditional 401k through the company im working for. Can they not let me cash it out? I'm only 33yrs old.
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Bro your a finicial advisor posting videos the roth you do not pay any form of taxes on weather its roth 401k or roth ira because your investing with post taxed money common man im a plumber and know this….
I have a traditional 401 that I rolled over when I retired I want to convert some from pretax to post tax and reinvest as post tax to use as emergency funds if needed. Please no strategy suggestions or strategy questions. HOW do I pay the taxes. I don’t believe it is automatically deducted at the sale and forwarded to IRS. Do I pay with quarterly payments without vouchers? If I sell in November/December do I just hold on to 28% cash to pay my taxes at tax time? Thanks
What about if you take it from a 401K and transfer to a 401 Roth; what's the liability?
Do you pay the tax at the time of doing the taxes or the custodian takes them out at the time of distribution?
Will the tax impose be your tax bracket that year or the highest of all brackets?