A 401(k) account is a tax-deferred retirement savings account setup by many employers for their employees in the United States. Employees can elect to contribute part of their earnings - either pre-tax or after-tax - to their 401k account and the employer will often make a matching contribution for ...

learn more… | top users | synonyms

2
votes
3answers
72 views

How to pay down credit card debt

Last year I was at a good university and I decided to quit my job and take on a huge load of classes in order to finish in two semesters. I have a wife and a child and the student loans are based off ...
6
votes
4answers
792 views

At what point is it most advantageous to cease depositing into a 401k?

I have a spreadsheet that shows me some various statistics about my 401k and I notice that assuming an average overall growth of 10%, my 401k contribution will be less than 1% of the yearly gain of ...
5
votes
2answers
166 views

Is there a downside to dropping out of my 401(k)?

My employer started offering a 401(k) plan a couple years ago with no employer contribution (we are a small company). I signed up as it seemed like a good way to force myself to save for retirement. ...
4
votes
4answers
248 views

New grad with new job seeking advice on how much I should put towards my 401(k)

I have a new job that pays ~100k. I'm in my early 20s. I'd like to figure out the most financially intelligent course of action when dealing with 401(k). This is the policy: X company will match ...
51
votes
10answers
6k views

Should you always max out contributions to your 401k?

I am a year out of college, and therefore, i don't have any real retirement/investment plans kicked off. I was having a discussion with my boss, and he was making a few claims I would like to get ...
4
votes
2answers
263 views

How to locate a lost 401k that I can not find?

I never collected from an old 401k that I invested in through an old employer about 10 years ago. I recently contacted the old employer to inquire about it and they told me to get a hold of Principal ...
3
votes
2answers
45 views

401K funds withdrawal at age 60 for non US resident

I have funds in a 401K plan from a period of time I worked in the US in the late 80s. I am not a US resident and I wonder if at the age of 60 I can start monthly withdrawals and how are these ...
0
votes
3answers
187 views

Retirement planning 401(k), IRA, pension, student loans

Currently I am making 58k/year with a chance for a 10% bonus. (I am pretty sure I will receive this bonus). I'm trying to decide how I want to set myself up for retirement. I'm 23 years old turning 24 ...
8
votes
4answers
2k views

How can I consolidate multiple 401Ks?

I have multiple 401K's because I have worked for multiple companies. How can I consolidate these accounts? One problem is that the company that I prefer in terms of investing flexibility, is not the ...
4
votes
4answers
133 views

Income tax effects of 401(k) hardship withdrawal to purchase home?

I am in the process of building my first home. My good friend is a CPA and he mentioned to me taking a hardship withdrawal from my 401k when I close on my house after it is built. He tells me that ...
3
votes
1answer
156 views

Accidentally withheld too much tax when cashing out 401(k)

My son recently cashed out his 401(k). (He really didn't want to, but it was necessary). When completing the form, he accidentally checked to withhold an additional 25% tax instead of an additional 5%...
4
votes
3answers
137 views

Can't withdraw from 401k because plan trustee can't be found

My previous employer (startup in Silicon Valley) was acquired by a foreign company about 2 years ago, and the parent company laid off pretty much everyone about 1 year ago, which I was a part of. I ...
7
votes
3answers
152 views

How to maximize small business 401k contribution?

We own small business (C-Corp without S-election) that currently does not have employees outside the owners (three of us). The business is producing a nice amount of revenue and as of yet none of us ...
3
votes
2answers
60 views

Ordering of backdoor Roth conversion and rolling over 401k?

I have two retirement accounts: Traditional IRA funded with non-deductible contributions 401k I left my job so I want to roll over my 401k into a Rollover IRA, but I've also heard about the ...
-2
votes
1answer
84 views

Setting up a 401(k) like fund

I work at a non-profit, and we've had our yearly benefits survey. One employee mentioned the possibility of starting a low-cost, organization administered pension fund. What we'd "really" like is an ...
3
votes
4answers
166 views

What are your experiences with 'self directed' 401ks?

Some background: have no plans to leave current company anytime soon, so (short of borrowing against my 401k balance to invest outside the 401k) I can't get the funds out want to max out my 401k ...
6
votes
2answers
6k views

Tax implications for a 100% 401k contribution limit

My company permits a contribution of a 100% of the paycheck towards the 401k. My question is, if I were to pick a 100% contribution amount, would I be liable for any taxes in the number of paychecks ...
0
votes
1answer
47 views

Moving 401k balance into self-directed IRA

This question is similar to Moving current employer 401k balance into self-directed solo 401k?, but since I am not self-employed, I'm looking to move the money into a self-directed IRA rather than a ...
3
votes
3answers
139 views

what if a former employer contributes to my 401k in the year following my exit?

My last paycheck as an employee was paid in early January but my last day was 12-31. The former employer contributed in error to my 401k for the new year with my money earned in the previous year. ...
20
votes
3answers
4k views

Laid off at age 54 1/2, am I eligible to withdraw my 401k money without penalty?

I will be turing 55 this year in November. I got laid off 2 weeks ago (April 4, 2016). I worked in New York City and live in NJ. Can I withdraw my 401k without penalty?
1
vote
1answer
61 views

L1 visa: HSA account vs 401k plan

I have recently relocated to USA. I am currently trying to figure out my options regarding my savings. My understanding is that I can contribute up to $18500 into 401k and up to $6750 into HSA. My ...
0
votes
0answers
32 views

FICA TAXABILITY of EMPLOYER 401K MATCH for QUALIFIED and NON QUALIFIED plans

I want to ask about FICA taxability of employer QUALIFIED 401K plan MATCH, and FICA taxability of employer high comp NON-QUALIFIED 401K MATCH.I am NOT asking about federal and state income tax ...
0
votes
1answer
30 views

Class of shares specifically for retirement accounts with contribution limits

Regarding US retirement accounts like a 401k or IRA, can a corporation (or any entity) get around employee contribution limits by contributing a class of shares that have a certain value but get ...
4
votes
1answer
61 views

Can a 403b contribution be rescinded?

My wife started a new job very late in 2015. She signed up for the retirement plan, a 403b plan and contributed approximately $200. Now doing our taxes, (married, filing jointly) we find we cannot ...
6
votes
2answers
3k views

My employer is switching 401k plan providers. How might this work in practice?

For instance, my company will be switching my 401k from Fidelity to Wells Fargo. When plan providers are changed like this, am I likely able to keep what I currently have invested with the previous ...
1
vote
1answer
65 views

using 401(k) to fund self-education

I'd appreciate pointers to references on how to (or how not to :-) use funds from from one's 401(k) in order to pay education expenses for oneself--particularly, how to incur minimum penalties or ...
23
votes
3answers
5k views

If I switch jobs to a lower tax bracket right before I retire, do I save on 401k taxes?

I'm curious about how your withdrawal tax bracket is determined for your 401k Here are the scenarios: A) Let's say I am making $100,000-$200,000 per year for my whole career with a Traditional 401k. ...
3
votes
2answers
63 views

IRS Form 5500-EZ (5500EZ). How to file late

I had an S-Corp that I closed down in 2013. I didn't realize I needed to file a form 5500-EZ because although the assets in the Self Managed Individual 401K were less than $250,000, you need to file ...
4
votes
2answers
65 views

Who can I get to help me roll my 401(k) into an IRA when I live overseas?

When I lived in the US, I contributed for a number of years with my employer to the company 401(k). When I then moved abroad, I found it difficult to stay in touch with my 401(k). The toll-free ...
4
votes
1answer
80 views

Using a Roth conversion ladder in a 401(k) while also retaining backdoor Roth IRA conversions

Consider the following scenario: John Q. Public has a high enough MAGI that he is not eligible to make Roth IRA contributions (and hence also cannot deduct traditional IRA contributions). John also ...
4
votes
1answer
144 views

Getting retirement savings back on track after 30

I've largely ignored dealing with my finances in the past, mostly because I really, really hate dealing with them, and as a result have made some poor decisions. I've been making good money but I've ...
5
votes
1answer
333 views

Can I make earmark or allocate 2016 401k contributions for tax year 2015?

It's one month before the 2015 tax filing deadline. I didn't contribute as much as I could have into my 401k in 2015 (I only contributed $8k instead of $18k), but would like to realize as much tax ...
1
vote
0answers
38 views

Make a SEP contribution to a traditional IRA

I have a traditional IRA with Vanguard that originated as a 401k rollover (so they call it a Rollover IRA). This year I have a lot of self-employment income, and I am qualified to make a SEP IRA ...
3
votes
2answers
257 views

Why can't 401(k) statements be delivered electronically?

I called Schwab and they just said, "401(k) accounts are not eligible for paperless confirmations and statements. It's the law. Sorry." I can't find any reference to this law in the Google. The ...
3
votes
2answers
141 views

How to ask my 401K management company to give me 1099-R instead of 1042-S?

This question is related to Where to report 1042-S income and federal tax withheld on form 1040? I am a U.S citizen living abroad (Taiwan). I am a 64 years old retiree and own a 401K account managed ...
2
votes
1answer
164 views

Normal for my 401k to be performing at -11% over the past 18 months? [duplicate]

Me: 27 years old Income of upper $70ks Contribute 6% to 401k, and 3% to roth 401k (increase my 401k by 1% each year; employer matches up to I think 3%) Performance: Over the past 18 months, my ...
5
votes
4answers
5k views

Can I be my own administrator for an Individual/Solo 401k?

I'm interested in creating a company and rolling my 401K into a Solo or Individual 401k so that I can have more control over my investments. From what I've seen so far, it looks like you need an "...
1
vote
1answer
63 views

Making a personal loan to my business from the proceeds of cashing out my 401k

I had to cash out my 401k and lent the proceeds to my graphic design business to keep it afloat. It was used replace a computer and to pay off business debt. Total loan is $22,000. We had a ...
3
votes
2answers
244 views

Rollover 401k into Roth IRA?

I'm a bit overwhelmed after looking up information regarding rollover of my 401k into a Roth IRA. If I'm to be honest with myself, I'm not knowledgeable in the personal finance subject and really just ...
1
vote
0answers
49 views

401K non resident alien -early withdrawl penalty 10%

I have a 401K with over 100 k in it . My question is if my former employer's 401k plan does not withhold the 10 % early withdrawal penalty, will I need to pay this with a US tax return ? after or ...
0
votes
0answers
30 views

What are the disadvantages of moving a 401K to an IRA? [duplicate]

I have retained my 401-K's in my employer 401K plans even after leaving the company. Is there any reason to keep doing what I am doing or should I move them to an IRA and consolidate? I know there ...
6
votes
5answers
271 views

Earnings on Roth contributions are non-taxable. Is that as huge an advantage as I think it is?

It seems to me that Roth contributions to a 401(k) or a Roth IRA could be extremely tax-advantaged over pre-tax 401(k) or traditional IRA contributions, but at the same time, I have trouble believing ...
9
votes
1answer
271 views

Should I worry too much about saving my 20% down before buying my first house?

I am not too sure when exactly am I going to be buying the house. I can safely say that it would be between 2-5 years. However, I have no idea on exactly when. It all depends on market conditions and ...
6
votes
2answers
1k views

Confusion about tax bracket?

So until last year, I was least concerned about tax brackets because I was getting money back every year. However, my wife started working this year and sounds like we do owe some money to uncle SAM ...
3
votes
0answers
61 views

Divorce and Social Sec, Pension, and 401K

I am 65 while my spouse is 52. My spouse has been the sole breadwinner of the family and we've been married for 25 years If we were to get a divorce, can I start collecting now on my spouse's Social ...
-1
votes
2answers
104 views

Evaluatiing whether it a smart idea to convert 401K's and traditional IRA's to Roth IRA's?

Recently an investment adviser was providing free consultations at my wife's workplace. He advised us to convert some 401K's from previous employers and traditional IRA's to Roth IRA's. He did this ...
1
vote
0answers
66 views

How to avoid fees on 401k account when employer owes funds

My previous employer did not deposit 401k funds that were taken out of my paycheck over a 5 month period. I have left the company and I am fighting at get that money paid, with the help of the EBSA. ...
21
votes
7answers
27k views

Can my employer limit my maximum 401k contribution amount (below the IRS limit)?

I contribute about 13% of my income to my company's 401k, which, at my salary, is well below the IRS limit of $17K/year (in 2012). However, with my raise this year, my benefits department told me that ...
5
votes
2answers
179 views

Why did federal taxes come out of my check when I elected 100% pre Tax 401k contribution

I got a bonus check and elected 100% into a pre Tax 401K. I knew FICA would come out but was surprised when federal tax came out as well. The Gross was $2278. with $85.07 going to federal and $174.26 ...
6
votes
3answers
159 views

401k compound interest vs other compound interest

Whenever I see the presentations or documents imploring me to invest in 401k and retirement, it always shows a nice graph showing a 7% compound interest and how less money saved earlier in your 20s ...