Are you considering a 401k withdrawal to stay afloat? Today we’ll look at the CARES ACT and how a 401k withdrawal can come with no penalty. If you do need to take an early 401k withdrawal we’ll cover some of the other considerations like taxes, paying it back and the differences between this and a 401k loan. We’ll even show how a 401k withdrawal should be the last resort by showing you the value of your 401k in the future that could be holding you back for retirement.
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Would you still get some kind of a refund back with the cares act ? If there waiving the 10percent?
I have about 2,400.00 in a 401k from a part time job. I no longer work there and recently received a letter with options. I am considering cashing it out. Do you feel it is a good choice seeing as it such a small amount.
Or should I roll it over into an IRA?
Not sure what to do : /
I met all criteria to take out a withdrawal from mine. It's a no brainier if you know what your doing and you use it correctly for something that will be a better investment in the long run
When did this Cares act go into effect? Trying to see if it would apply to a withdrawal taken in 2019
What if I took out 70k and paid 7k in taxes up front?
Front load an IUL!
How do I go about withdrawing my 401k through fidelity?
Do u have to prove u got the virus? I wanna withdraw my retirement to pay my high interest credit cards 🙁
I did early withdrawal from my 401k to pay off my credit card debt. My credit card debt monthly was almost $400. Once i paid off the $15k in credit card debt, I had to move on to something bigger.
So if I have a roth 401k I still have to pay taxes? I already paid the taxes why would I have to pay them twice?
I'm one of those poor broke bastards working paycheck to paycheck. I'm eating top Roman soups. I just now discovered this. 12 yr 401k and it's set to aggressive. I just pulled 100k just because its mine..I need supervision!!!
What's % do you pay for taking money from 401k under the care act?
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.
homies hand tripped me the fuck out, great video. Thumbs up!!
What if it’s a Roth 401k. I took my withdraw. They took 10 percent of about half the money. Am I still going to owe taxes on any of it ?
If you take a withdraw from your traditional 401K and later open up a Roth IRA, will the money you invest into that Roth IRA count toward paying back that withdraw?
Yes you should cash out your 401k now. Your assuming your going to live to retirement age…
Does a voluntary quarantine due to high risk relatives at home count under the cares act for the withdrawal
Problem is if you work place doenst opt for it then you cant take advantage of this
You still pay penalty if your 401k falls under an VALIC Annuity. 10% for early withdrawal (less than 8 yrs in annuity contract). On top of quardly $4 fees and on top of fund index fees that range from .33% to 1.22% for my 7 index funds that total 4.97% per year for all of them. FEES ARE KILLING US AT MY CITY since we no longer have pensions. MY 9% is matched by the City at 9% plus I put in additional 2%. My 5 years employed with City has my Valic Acct. at $34K. I would like to take this money to my Vanguard Admiral VTSAX $9K and VDADX $4k (dividends for future passive income). Can I move my 34K and still get employer match of 9%? Some help please, thanks.
Can my father take 5 thousand out of his 401k with a current balance of 27 thousand???
I have $30,000 in my 401K and $29,000 student loan debt as 4.75% interest rate.
Is it a good idea for me to take out my 401K money to pay off my student loan?
(I’m going to pay that $30,000 back to my 401K within 3 years so I can claim for the tax refund)
I'm starting to feel like the 401k is a scam….I put a lot of money into it but it gets sucked away like a vacuum..I'm to the point of taking what is left and running
Why not take out all your money early?
If you withdraw from your 401k does it go to your earnings at the end of the year?
How long does it usually take to get here if I did check?
I just take out $20,000 what do i need to pay back
Nobody knows the answer but y’all are making YouTube videos as if you know what your talking about
So if I took a loan back in 2018 and still owe $2000 am I illegible to withdraw my 401K?