The penalty tag has no wiki summary.
4
votes
3answers
536 views
Employer overpaid 401k - what's my liability?
My employer overpaid into my 401k account (ie: deposited an extra paycheck's worth of money into the account). I notified the HR/payroll person of the mistake, and they said they'd "look into it", ...
1
vote
1answer
115 views
Penalties for cashing out on a SIMPLE IRA early
I want to know what are the penalties that an individual will face if they withdraw on a SIMPLE IRA outside of a hardship distribution?
(Additionally) I noticed in another post someone mentioned a ...
4
votes
1answer
41 views
Can a loss in one Roth IRA make up for a gain in another when trying to withdraw early penalty-free?
I have a Roth IRA account with $9,500 current value ($500 less than I invested in it). My wife has a Roth IRA account with $5,500 current value ($500 more than she invested in it). We pay our taxes ...
1
vote
0answers
120 views
Formula to decide when to break a CD?
I'm trying to create a CD comparison tool and have been working on a formula to compare a CD with a higher interest rate to a CD I might own with a penalty period. I believe the basic formula idea:
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14
votes
2answers
706 views
Accidentally cashed out 401k instead of rolling it into an IRA. What do i do?
I've recently changed jobs (past two weeks) from an employer with a 401k to a new employer who does not offer any retirement accounts. I made a huge mistake and accidentally cashed out my 401k ...
4
votes
2answers
124 views
Accidentally opened a year term CD account, then realized I need the money sooner. What to do?
I opened a year term CD account two business days ago and just found out that I would need that money this year. I searched around the web and it looks like there is a federal law saying that a bank ...
3
votes
2answers
116 views
IRA withdrawal tax and penalties: Any additional fees or taxes for not paying up front?
I just withdraw everything from my IRA: about $68K, and I'm willing to pay taxes and penalties on that, because I'm unable to invest capital effectively (I don't wish to invest in US stocks or dollar ...
1
vote
1answer
92 views
TFSA over-contributions: How would the penalty apply in this scenario?
If my TFSA account is maxed and I want to transfer 5000 shares at $1.00 on August 2nd, 2011, and I was to sell the shares at $2.00 on January 3rd, 2012, would I have to pay tax on the gain plus 1% per ...
3
votes
3answers
124 views
Will I incur late fees, now that I am making infrequent/late payments on my auto loan?
I have been unemployed for 6 months now. I have been making infrequent payments on my auto loan. I am suppose to be paid up in May of 2012. My lien holder never sends me my balances or a bill, so I ...
4
votes
1answer
142 views
If you owe tax, how does the IRS failure-to-file penalty work?
If you owe tax, how does the IRS failure-to-file penalty work?
1
vote
1answer
217 views
How does the 1% penalty on TFSA transfers work? [Canada]
Update - clarification to potential penalty situations.
The maximum annual contribution limit to a TFSA is $5000 per year. This makes it a good emergency fund vehicle. If I:
transfer money out ...
