Taxes on 401k Withdrawals…(read more)
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Does my 401k pull combine with my normal salary? Or does that stand alone?
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%?
Our income is ssdi and long term disability. How do we determine tax bracket for that
What if you take it out for investments
What happens when you’re 70, take out money to pay off your mortgage? How does that work?
Wow, Beautiful..the information too, 25yrs ago.. you were like what, 10yrs old??
Thanks for your help!
If I take a 3k loan out of my 401k will it show up on my taxes that I took a loan out?
What is better to withdraw 4000 from 401K or get a loan from Bank for the same amount?
Can I hire you do my taxes ?
Thanks for sharing this incredibly infomative video. I learned a lot.
From my 401k
I am 67 year old I don't have any job right now , i receive social security benefits ,I want to withdraw all of money, to for my daily send , what you recommend me thank you.
I don’t need tax strategy advise. What I am looking for is the detail about tax withholding/payment to IRS. If I sell pretax funds from my 401, early in the year, I assume somehow I need to make estimated quarterly payments to IRS but I don’t understand how. Do I need a voucher? Nobody will automatically deduct the 28% and send it off? If I sell in November/ December timeframe I just hold on to the 28% for tax time and (I am converting some pretax to post tax) re-invest my other 72%?
What happened to talking about if the person is 60 or 65? Are3 there things we should be doing? You left us out in the cold. Bummer.
We’re not sure what to do with 401k$. Next year is the 59 1/2 marker and scheduled to retire. Will collect SSI at 62 because will have pension also at retirement. Do we take scheduled payments? We would like to use approx 25k year till ssi kicks in. Also thinking of using some $ to pay off fifth wheel.
Can I withdrawal my 401k and invest it in real estate? IE buy my property as an investment vehicle?
I am in the middle of a divorce I have not worked since 2008 due to health issues when my husband left in 2016 the amount of his 401k was 289,000 when he left he left us penniless and we have a lots of hardship I have a 401piquadro that I have to sign and all that stuff for the divorce but I don't think it's fair if I have have to pay that much taxes on whatever half I get that's going to not leave me a lot and I made the money I can't roll it over toto anything I can't work right now I'm in the middle of trying to get SSI I mean what do I do and I do not have an attorney because Icannot afford one
If I do an indirect rollover within the 60 day time period, what happens to the 20% that was taken out to go towards federal taxes? And if I reinvest a portion of the money to an IRA will I still be tax liable for the full amount or just the amount I kept? Thank you.
Hi! I’ve watched several videos but honestly you’ve explained it the best! Can you please confirm that I’m understanding this correct: First, I came to better understand because I was told that the set amount of 20% would be automatically taxed! This scared me! After watching your video I have learned that the amount taxed is not set at 20% and is actually dependent on which tax bracket I fall into. (*bare with me I am not too knowledgeable on tax stuff) … I was unemployed from Feb of 2018. Total income from 2018 was $10,000 which includes my 401K withdrawal of $5,000…. Therefore, I fall into the tax bracket of 12%. So does this mean my $5,000 will be taxed at 12%?? I completed my 2018 tax today and it is showing I will be receiving a refund of $1000? Does that make sense?
If you are 55 or older the year you leave an employer holding your 401k, you can take distributions, penalty free. search: Rule Of 55 401K
Nice job explaining.
microphone usage. Sounds disturb to much
Thanks so much, this was incredibly helpful.
Thank you