The tag has no wiki summary.

learn more… | top users | synonyms

1
vote
3answers
203 views

New 401(k) account, barely funded: can I withdraw penalty-free?

I established a new 401(k) account with my previous employer. I made a total of $600 in contributions ($100 x 6). I don't want to keep this 401(k). First, 401(k) is not my preferred investment ...
2
votes
3answers
259 views

Can I cash out my 401k every year (company match > withdrawal penalty)? [duplicate]

My company offers a 401k 50% match up to 6% of salary, but I'm restricted to picking one of a set of investment portfolios. My thinking is, could I max out the 6% every year, get the full 50% match, ...
0
votes
1answer
58 views

Withdrawing money abroad

I am visiting europe but i am using my local bank in my home country. My home country bank cut international withdrawal fee every time i withdraw, thts fine but what i wanted to know, when is it good ...
1
vote
2answers
88 views

Roth 401(k) pre-mature withdrawal: Is company match subject to tax/penalty?

Question on 10% penalty and tax on earnings for a Roth plan: For example: My contribution is $10k, with company match of $10k as well. Total earnings of ~$2k. Will I have to pay 10% penalty and tax ...
1
vote
1answer
102 views

Should I withdraw money from IRA or refinance home to pay credit card debt?

Should I refinance or withdraw from IRA to pay off 25K of credit card debt? I am 64, self employed earning about 30K/yr. My wife is retired. credit card debt snowballed and I now want to pay it off ...
2
votes
3answers
143 views

How to withdraw money from currency account without having to lose so much to currency conversion?

I'm trying to withdraw some money from Barclays currency account, but I don't know how without losing so much on the unfair conversion rate. For example, I've found the following rates (as per ...
3
votes
2answers
78 views

Can an early withdrawal from a Traditional IRA be done in two parts?

Let's assume that we've already determined an early withdrawal from a Traditional IRA will be taken and that it does not qualify for any of the tax-free conditions. I am aware of the lost opportunity ...
2
votes
2answers
91 views

Withrdraw funds that were converted from Traditional IRA to Roth IRA

From a previous employer, I had a traditional 401K which upon leaving that job I rolled into a traditional IRA. With a Roth IRA you can withdraw the "contributions" but not the gains. My question ...
0
votes
2answers
67 views

Withdrawing from RRSP to pay income tax owed to CRA?

While filing my tax return, if I find that I owe taxes to CRA, but I don't have any cash on hand to pay the taxes, then I can withdraw from my RRSP. Now, if I withdraw money from RRSP, do I first ...
0
votes
1answer
599 views

No withdrawal from paypal to Egypt, Udemy.com requires paypal. What should i do?

I am a constructor at udemy.com and from Egypt but the problem is that the only way to get paid is trough paypal and paypal does not withdraw money to Egypt yet. Is there any other alternatives i can ...
5
votes
2answers
165 views

Withdrawing from regular vs Roth 401K

I work at a company that allows me to put my 401K into either a regular or Roth 401K. My understanding is that: For the regular 401K, I pay taxes when I withdraw money from the 401k. For the Roth, I ...
1
vote
1answer
282 views

Roth IRA withdrawal taxes for nonresident aliens after age 59 1/2?

I am a non-resident alien living in the US now, and I need to ask if I have to pay any IRS any taxes after the age of 59 1/2 on any gains or earnings from a Roth IRA withdrawals? I know that US ...
6
votes
2answers
67 views

Distribution from a traditional IRA and future contributions to a Roth IRA

I am 60+. Can I still make contributions to my Roth IRA in future years if I start taking distributions from my traditional IRA this year?
2
votes
1answer
85 views

Self directed IRA holds income property that generates cash flow. Can we withdraw based on wife's age?

I have a self directed IRA that has invested in income property. It generates a few thousand a month in positive cash flow which is currently being re-invested in other funds that the IRA holds. ...
1
vote
2answers
141 views

How is non-deductible portion of Traditional IRA determined at time of withdrawal?

I've contributed $5500 to a Traditional IRA, planning for that to be tax deductible. My employer didn't have a 401k plan earlier in the year, but will have one implemented before the end of this year ...
4
votes
1answer
1k views

Withdrawing HSA excess contributions?

I just got married a couple of weeks ago. I have a self-coverage only HDHP through my employer, with an HSA funded by my employer ($3000 per year). My husband has a family-coverage HDHP through his ...
1
vote
3answers
104 views

Best way to find a no-surcharge ATM in my area?

Is there any easy way to find an ATM, by location search, that doesn't have any surcharges? The closest thing I could find to a generalized solution is sponsored by All Point, so it only returns their ...
6
votes
5answers
5k views

Withdrawing IRA early to pay off large credit card debt?

I am 38 years old and married. Because of a mix of bad luck (multiple lay-offs between my husband and I over the years which led to months of unemployment, unexpected major medical bills), choice (job ...
1
vote
1answer
51 views

Making a loan to a tax-exempt organization from 401(k) retirement investment funds?

I'm age 64 & considering making a short term personal loan with interest to a tax-exempt organization. The loan would be payable in total with interest in two years or upon organization's sale of ...
2
votes
4answers
639 views

Cheapest way to wire or withdraw money from US account while living in Europe

I'm currently living overseas in Europe. I work as a consultant for a US based company which pays me US dollars deposited to my US bank account. It's getting to be pretty expensive when I withdraw ...
2
votes
1answer
165 views

If you rollover a Roth 401k to Roth IRA and immediately withdraw it, is there any tax or penalty?

According to the accepted answer to this question, when you rollover a Roth 401k which contains contributions and earnings, to a Roth IRA, you don't pay any taxes. Suppose you then withdraw from the ...
2
votes
5answers
15k views

Why do grocery stores in the U.S. offer cash back so eagerly?

Most grocery stores and Walmarts I've been to ask you how much cash back you want as one of the steps you punch in after you swipe your credit card. This happens after you have swiped your card so ...
3
votes
1answer
107 views

Is there any way to cash in a pension fund?

The last company I worked for (I'm in in the United Kingdom) had one of those schemes where the company puts a certain amount of money every month into a pension fund. I quit my job and now I keep ...
5
votes
1answer
278 views

Old 401k investment choices: Cash it out, move it elsewhere?

I started investing in 401K pretty late (around 28) at my previous employer. That account has about $1,500 in it. I want to take it out of there and use it to invest in Vanguard funds. I already have ...
0
votes
1answer
48 views

How do I offset the income of a large Traditional IRA distribution (+59.5age) with other losses (LT or ST)?

My Wife lost job, was 64 and took a large cash distribution from her Trad IRA. We have 8K in ST Losses carryover and 41K in LT losses carryover. It appears that the IRA distribution is seen as ...
1
vote
1answer
130 views

How can a Spanish citizen withdraw an IRA/401(k) accumulated while in the U.S.?

Let's say I am Spanish citizen. I was working in the U.S.A. during two years in the nineties. I built an IRA/401(k). Now I am 60 years old and I want to get my amount in a lump sum. How is the way ...
4
votes
1answer
362 views

How to withdraw 401K?

I worked in company A with 401k account. I was laid off and moved to company B which also had 401K account. When I was in B, I tried to split my 401k in A into cash and move remaining to B. So the ...
3
votes
1answer
1k views

How can an H-1B holder withdraw 401(k) balance before returning to home country? Taxes?

What is the process of withdrawing all monies from a 401k account? If a person is in the U.S. on an H1B visa, lives with a dependent wife (H4), worked for about 3 years (4% employer matching ...
2
votes
1answer
333 views

What does “retirement” mean with regards to an RRSP and any early withdrawal penalty?

If you withdraw money from your RRSP prior to retirement, you pay tax at your marginal rate. Is this correct? In this case, what does "retirement" mean? Is it: When the person reaches 65? The day ...
3
votes
2answers
97 views

What are some common ways to generate cash income from a portfolio in retirement?

For people that try to live off of interest only from a nest-egg, what might a retirement portfolio look like that can generate cash every month (or quarter) while keeping assets intact and growing ...
4
votes
2answers
8k views

I am not a U.S. citizen. What happens to my 401K if I have to go back to India?

I am not a U.S. citizen. What happens to my 401K if I have to go back to India? Can I distribute (withdraw) my money at that time without paying the penalty?
3
votes
2answers
196 views

Can you re-contribute withdrawn Roth IRA contributions?

This year I contributed the maximum of $5500 to a Roth IRA. I (foolishly) withdrew all of it later in the year, both principal and growth, bringing the balance of the Roth IRA to $0. Is it safe for me ...
0
votes
1answer
1k views

What's the maximum single withdrawal amount from an ANZ bank ATM in Laos?

I'm travelling in Laos and it's time to withdraw some money. Now because all the fees between my home bank, the local bank, the local country, sub optimal spread for the currency conversion, and ...
3
votes
1answer
4k views

Can I do a Roth 401k rollover to Roth IRA and withdraw contributions I've made this year?

I am leaving my current job. Can I do a rollover from my existing Roth 401k, to a Roth IRA, and then withdraw my contributions and vested employer contributions from this year and stick them into a ...
1
vote
2answers
121 views

Which earnings can be withdrawn when making an in-service withdrawal from a 401k?

When making an in-service withdrawal from a 401k with your current employer at under age 59.5, which earnings are you allowed to include in the withdrawal? Are you allowed to withdraw earnings on ...
4
votes
2answers
2k views

What is the difference between “withdrawal” and “distribution” from a 401(k)?

My 401(k) plan lists several fees associated with my account. One of the fees is "Final Distribution", which is "$50.00 per distribution". Another is "Withdrawal", which is "$50.00 per withdrawal". ...
2
votes
1answer
10k views

Joint account that requires all signatures of all owners to withdraw money?

I want to open an account/cheque that works like a joint account but when some one want to withdraw the money, he/she must have all the agreement/signatures of all of the rest of the other owners. ...
4
votes
2answers
167 views

Move self-directed RRSP account to another institution while avoiding transfer out fee?

I'd like to move my self-directed RRSP account from one institution to another. My current broker charges the common $125 for transfer out using the T2033. To avoid this fee, I'm considering ...
1
vote
2answers
139 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 ...
2
votes
1answer
1k views

Can you replace Roth IRA contributions that you withdrew? [duplicate]

If I withdraw my Roth IRA contributions from previous years, is it possible to ever replace that money in the Roth IRA?
1
vote
1answer
127 views

Can I take money from my 403b to buy a home at 65 years old without penalty

I will be 65 years old in July. My mother died and left my siblings and me her home. Can I use the money in my 403b to buy my siblings out?
7
votes
2answers
2k views

Can Roth IRA first time home buyer withdrawals be made up?

If we were to withdraw the annual contributions from our Roth IRAs for the closing costs on a house (we have a 20% down payment, but only recently learned that that's almost $10,000 less than what you ...
2
votes
2answers
1k views

Pre-tax 401k and post-tax Roth 401k contributions commingled into same account? Tax treatment of withdrawals?

My employer recently began offering Roth 401k contributions. I decided to switch my contributions to the Roth 401k, figuring that it is impossible to guess what my tax situation will be in 25 years ...
6
votes
2answers
838 views

Investment time horizon: When is it acceptable to withdraw money from investments?

I have received a windfall of 300K dollars. I am 23, have no debt, college educated. I want to have a mini retirement when I am ~40 years old. I plan on managing a diversified portfolio of index ...
2
votes
3answers
3k views

Difference between the multiple cash withdrawal options on these ATMs?

I always get confused when selecting the options. I just go for the normal cash withdrawal option. But, I would like to know the difference in them. And, is the bank charging you different to use the ...
0
votes
1answer
229 views

In which European countries do ATMs impose an extra surcharge for withdrawals?

Usually you pay a fee (if any) set by your bank for withdrawing money with your Visa/MC card from ATMs other than those your bank owns, but some ATMs charge the customer an extra fee on top of that ...
3
votes
2answers
172 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 ...
6
votes
2answers
183 views

Should I take contributions out of my Roth IRA to live off of?

My current contract is ending, with no future job immediately lined up. I have a few thousand dollars in my checking/savings accounts, and a significant amount of cash in my Roth IRA. I have no debt. ...
8
votes
1answer
2k views

First time home buyer: Can you withdraw funds from a Roth 401k for a first time home purchase?

I have a Roth 401k. Soon I will have enough debts paid off that I would like to start building up a down payment for a house. The house purchase will be my first, and will be over a year from now. ...
4
votes
3answers
574 views

Should I take money out of an old 401(k) to put a down payment on a house?

My wife doesn't work anymore and she has a 401(k) of about $80,000 from an old job. I have been kicking around the idea of taking that money out or rolling into an IRA so that I can have better ...