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2answers
139 views

Short Term Capital Gains tax vs. IRA Withdrawal Tax w/o Quarterly Est. Taxes

So I had to pull funds from my IRA account earlier this year. I had taxes withheld and realize there is a penalty, however, my question is two part: with penalties and taxes for early withdrawal, I am ...
0
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1answer
88 views

For Federal Crimes, where does the money collected from penalties go? [closed]

Today it was announced that Hewlett-Packard, HP, has to pay a $108 million dollar penalty to the Department of Justice, DoJ, for pleading guilty to bribery and money laundering. My question is, where ...
2
votes
1answer
112 views

What is the penalty for contributing to a Roth 401k when my AGI is over the limit?

Specifically, my wife has a Roth 401k and I have a traditional 401k; we married in the middle of last year, and our combined AGI for last year is well above the limit for contributions to a Roth ...
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2answers
736 views

U.S. citizen living abroad: How do I declare my income and file for taxes if I've been delinquent in filing?

I'm 26 and have lived outside the U.S. all my life. I never filed a U.S. income tax return. I know nothing about doing my taxes, and would like to file for the years that I neglected to before the ...
1
vote
1answer
40 views

Getting out from Wireless carrier contract without a penalty

I recently got a notification from T-Mobile saying that their agreement ended with my employer and they will no longer provide 15% discount to monthly service charges. Can I get out of my 2 year ...
6
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2answers
652 views

The five-year rule and backdoor Roth IRA conversions with non-deductible contributions

I have a Roth IRA that was opened and initially funded more than five years ago. Now that I'm earning too much money to make regular contributions, I'd like to further fund this account through a ...
3
votes
2answers
132 views

If I haven't filed in 2 years, does year 1's refund automatically apply to year 2 and prevent penalty?

I haven't filed in 2 years. But the first year I was owed a refund; let's say $1k. Year 2 I under paid. Let's say it was by exactly $1k. Will the unclaimed year 1 refund automatically cover the year ...
1
vote
1answer
122 views

What is the amount of extra interest I have to pay along with my tax due?

My total tax payable is 60803 for the financial year 2012-2013. But, TDS deducted till 31st 2013 is 50822, so I have to pay the tax due of 9981. What is the exact amount I have to pay? Is there ...
1
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2answers
112 views

Is it possible to take advantage of exceptions to early withdrawal penalties on a 401(k)?

As I understand, in addition to having to pay income tax on gains, early withdrawals from a 401(k) also incur a penalty. But, I also heard that there are exceptions to the penalty, e.g. if paying ...
4
votes
3answers
1k 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
499 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
50 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 ...
3
votes
2answers
260 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: ...
15
votes
2answers
2k 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
138 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
153 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
103 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
172 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
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1answer
163 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
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1answer
255 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 ...