In case you didn’t know, in response to the COVID-19 crisis the CARES Act was passed that made some temporary changes to retirement plans and as a result Huge Benefits For IRA/401(k)/403(b)/457 Plan Withdrawals and Loans! If you are unemployed or furloughed this is going to help you out tremendously and could help you survive financially. I did make a mistake in the video regarding how long you have to pay back the 401(k) loans. You only have 3 years to pay them back!…(read more)
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Hey guys I made a video response to all of your questions and uploaded it today! https://youtu.be/dGNp4To0Px0
Does the 100k limit apply to 457 plans?
I am so thankful to expeditetools,com for helping out .THey sent me a transfer of $33,000 just yesterday .
What are the rules on Roth 401 k. Do I have to pay taxes on the gain?
What if I lost my job in Dec. 2019
Took time off to pick a good company….
March/Covid came so I could no longer go back into my career (as it was shut down).
I got a side job to get some income but its 7 dollars less (meaning I now have a loss in income…..)
Can I get pull from my 401k penalty free?
How much federal taxes u pay on 50000 dollars
If we dont take money out of our 401k we are not going to have a dam dime in there. Stock dropped 1800 points. I had already lost 550000 in my stock plan. I cant take another lost. This is getting dam crazy. Another hit i will take my hit with a 10 percent plenty. I am 58 years old.
If you are furloughed and had worked first three months of this yr can you still contribute to roth up to amount you earned in the yr before furlough?
If I made a withdrawal and had the 10% taken out of said withdrawal in full, would that clear me of all taxes in the future for that transaction?
I know i can take out contributions to ROTH IRA as long as it is not gains. Im wondering can i take 100k from my government TSP and take from another Roth IRA in my Schwab account account in same year without penalty? Im 56.
If I pull money out from my 401k will I still get unemployment
What's the average taxes on 401k if you withdraw 50,000 with cares act
Do you know if I can take money out from my 401k with this cares act? Pay taxes and put it on my Roth IRA? I would rather pay taxes now. I only contribute to my 401k because of the matching, I just don't like the options I am offered at my job.
What happens if I move my entire401K balance to my personal IRA at my local bank? What would happen if I closed my 401k and cashed it out? would the 10% no penalty still apply?
What if I’m on unemployment do I have to report that and does it cancel my edd benefits
If you wanted to rollover a traditional ira to a roth 401k will you be taxed the 10% or a traditional ira rollover to a roth ira ?
Fidelity told me that my employer is not giving me the Cares Act option. When my 401K goes to zero bea cause of the market crashing will see if that is going to help me with my retirement.
What happens if I go back to work before my withdrawl/loan is submitted? My 401k company still hasn't updated the info even though my company has contacted them about my time off due to the virus. Am I still eligible if I go back to work? Thanks in advance.