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Should you take $100,000 out of your 401k, 403b, 457, IRA, Roth IRA, SEP IRA, Simple IRA?? The CARES Act opened up new penalty-free distribution options from these types of employer-sponsored plans. I give you all the details in this video along with some strategies that available as a result of the CARES ACT. Also, there are new enhanced loan limits within 401(k) plan that will allow plan participants to take loans up to the lesser of 100% of their vested balance or $100,0000 and defer payments on those loans for a year. Lots of good info!!
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To Becoming Great With Money,
Rich McCormack, CFP®
School of Personal Finance
School of Personal Finance is an Investment Advisor registered with the State(s) of New York. All views, expressions, and opinions included in this communication are subject to change. This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy, or the completeness of, any description of securities, markets or developments mentioned. We may, from time to time, have a position in the securities mentioned and may execute transactions that may not be consistent with this communication’s conclusions. Please contact us at 914-299-3843 if there is any change in your financial situation, needs, goals or objectives, or if you wish to initiate any restrictions on the management of the account or modify existing restrictions. Additionally, we recommend you compare any account reports from SPF with the account statements from your Custodian. Please notify us if you do not receive statements from your Custodian on at least a quarterly basis. Our current disclosure brochure, Form ADV Part 2, is available for your review upon request, and on our website, www.schoolofpersonalfinance.com. This disclosure brochure, or a summary of material changes made, is also provided to our clients on an annual basis….(read more)
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Hopefully, you do not need to take a "Coronavirus Related Distribution" but if you do it is nice that the 10% penalty is waived. You taking advantage of this rule change?? What do you think…good idea or bad idea??
Is the withdrawal penalty waiver being extended into 2021 ?
If I am concerned about not meeting the qualifications, can I just roll over into another account, and then withdraw from there ?
Can I take the 100,000 and reinvest in stocks to make income off money I would otherwise not be able to touch?
This was very well explained and very clear, thank you
It’s funny they forget to mention if your present self isn’t doing too well it can negatively affect your future self as well.
Great info my daughters 403b has high expenses .Planning to withdraw it and invest in a Fidelity total stock fund Zero expense
do you actually get a check for $100, 000 ?
I am receiving UI benefits, these benefits do not cover all expenses. Would an early withdrawal from my IRA to get bills up to date jeopardize mu UI payments?
Great video, if my anual salary is 200k and I’ll take 100k from my 401k I’ll pay taxes from the 300k or I’ll pay separate 20% on the 100k?
I’m from California, married 22% tax bracket,
I’m planning to do a $99,000 401k CRD withdrawal and pay federal taxes in 3 years, my AGI is $100k.
That means for 3 years my AGI will be $133k/year?
Will I also pay CA state tax for $99k for 3 years?
Or will I pay a 1-time CA state tax upon withdrawal of $99k for the tax year 2020?
Thank you.
Great details that other YouTubers and articles don't mention.
Im happy I subscribed to your helpful information, but I have a rather long question. I’ve never subscribed to a site on YouTube before so is there another way to ask you a question without the public knowing all my business?
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Why September 22nd?
Great video. So I took out about 80k I qualified for corona relief and had taxes withheld ended up with a 72k check. Will I owe additional taxes at the end of the year? Thanks!
Thank you for the help. What’s type of verification required?
Hello sir!
Would it be wise to take advantage of the Cares Act and pull money out of 401k to purchase another home for investment?
Thank you
I think you can take a CRD withdrawal from a 401k and roll it over into an IRA. It says you have to put it into a qualified account. It doesn’t say you have to put it back into the same account. Please advise.
Also, do you need to have proof that you need all of the funds you withdraw?
Thanks