Questions tagged [withdrawal]

a generic to be used for questions related to withdrawal of funds from an account. Generally used to other specific tags like retirement, mortgage, etc to give the specific context.

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2
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1answer
108 views

How should trust payments be arranged to preserve the principal?

Many trust funds are designed to keep principal intact while generating a steady revenue stream. They do this by paying out some percent of net asset value and, assuming the trust fund grows faster ...
1
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0answers
30 views

RMD after annuitizing an annuity in a traditional IRA

I live in the United States and I have an annuity that hasn't been annuitized in a traditional IRA account (IRA A). I need to take a required minimum distribution (RMD) of $8K this year for IRA A. I ...
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1answer
664 views

085 CVR Check Failed SBI Debit Card [closed]

Today when I tried to withdraw money from the ATM, I received this message The transaction dated 08-Jun-19 20:44:31 through card ending 7123 has been declined due to 085-CVR CHECK FAILED. Please ...
0
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1answer
53 views

Rollover different from distribution

Can your rollover deposit be different than what you took out? To keep the numbers simple, say I withdrew $25k from a Roth IRA and then at the end of the 60 days deposited back into the account $20k....
3
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2answers
185 views

Borrowing against 401k for first home - things to watch

There is a general advice that borrowing against 401k is to be avoided. When I was looking at related questions here in SE I found a few discussions where some experts challenged the generality. For ...
1
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0answers
18 views

Can I withdraw Small Overcontribution from RRSP?

My contribution room for my RRSP is 23.5k, I accidentally contributed 25k though. I realize my over-contribution is within the 2k that CRA allows, but I would prefer to keep the extra $1,500 outside ...
2
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2answers
80 views

Are non-qualified withdrawals from a 529 plan penalized on the original contributions?

My understanding is that early (nonqualified) withdrawals from a 529 plan are penalized at 10%, plus taxed over any capital gains. Does the 10% penalty apply to capital/investment gains only, or to ...
53
votes
5answers
28k views

Withdrew £2800, but only £2000 shows as withdrawn on online banking; what are my obligations?

I just withdrew £2800 from the bank. Looking at my online banking, there is only a withdrawal of £2000 listed. The form I signed said the amount I asked for, and the teller weighed the cash out on the ...
1
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1answer
95 views

Traditional IRA how much tax on withdraw

I understand that traditional IRA gives you a deduction now and tax you later when you withdraw. I need a clue on how much tax is charged on withdraw. Say I deposit $4,000 into traditional IRA and ...
2
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2answers
96 views

401(k) distribution tax calculation

Wanting to receive $25k distribution from my fully vested 401k w/former employer. Figuring required 20% withdrawal penalty to be $5k (25,000 x20%), so my account balance would be reduced by a total ...
1
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0answers
87 views

Now that I'm 59 1/2, should I pay off my HELOC by withdrawing from my IRA?

Maybe someone here can help me figure this out. I turned 59 1/2, and I have an IRA with about $500K. My wife has recently semi-retired and has started taking her social security, but I am still ...
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2answers
100 views

Withdraw from atm using PayPal debit card

If i use my PayPal debit card at an atm and i dont have enough money in my PayPal account to withdraw the said amount will it use my linked debit card to withdraw the rest?
2
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1answer
71 views

Can Traditional and Roth 401k be withdrawn in a ratio to minimize taxes in retirement?

I've seen posts claiming that if you have a mix of pre-tax and after-tax savings in a 401k, the pre-tax money can be withdrawn up to the threshold of the top of the current 12% tax bracket and after-...
2
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2answers
281 views

HSA withdrawals for past years?

A hypothetical individual living in the US opened an HSA account in 2016. She was enrolled in a high deductible health care plan in 2016, 2017, and 2019. She kept records of all her qualified medical ...
1
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2answers
96 views

Withdrawing money from a micro entity

I own a Micro Entity company which makes around £2,000 - £3,000 profit per year. I'm the only employee in the company. I wish to start taking what you could call a salary each month of £100 - £200, ...
1
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0answers
90 views

How can a check duplication scam like this work? [duplicate]

So, I saw this report titled “The Remington Rip-Off? Company Denies Its Promises to Inspire Youth Cost Unsuspecting Older People Thousands of Dollars” on NY1—a local, reputable news organization in ...
3
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2answers
110 views

Withdraw IRA Funds after Divorce

So I know that in most cases, withdrawing cash from a retirement fund is never a good idea. However in my case, my ex husband left me with a decent divorce settlement but over 25K in credit card debt. ...
3
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2answers
172 views

How are my 401(k) withdrawals taxed if I also withdraw from a Roth IRA?

Let’s say it’s time to retire and I have a $2,000,000 retirement fund. $1,000,000 was accumulated in a Roth IRA and the other $1,000,000 was accumulated in a traditional pre-tax 401(k). Let’s say I ...
1
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1answer
162 views

Is savings account limit on number of transactions both per calendar month and per bill cycle?

The Federal Reserve's "regulation D" places a limit of six withdrawals per month from a savings account: allow no more than six transfers or withdrawals per calendar month or statement cycle of at ...
2
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3answers
287 views

Any other way safer and financially more sensible way than cashier's check to take out a large sum of money in the US

I intend to take out a large sum of money (~$30,000) from the bank account in the US for a major expense. It seems that cashier's check is the safest and financially most sensible but I wonder if ...
3
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1answer
1k views

Can a withdrawal on another party's bank account succeed if that account is insufficiently funded or is closed?

Suppose Party A attempts to withdraw some money from Bank Account X belonging to Party B. Bank Account X is either closed or has insufficient funds, but Party B also owns the well-funded Bank Account ...
5
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1answer
123 views

Can I withdraw a conversion to a Roth IRA without penalty?

Several years ago I converted some money from both Traditional and SEP IRAs to my Roth IRA. I paid taxes on the money I converted at the time. I know that a Roth IRA allows you to withdraw ...
3
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6answers
233 views

Investment funds: when is the correct moment to cut one's losses?

I invested a considerable amount of money in investment funds. It was almost 5 years ago. I'm about -20%. (Yes, I feel like an idiot so let's please not discuss the exact reasons - enough to say the ...
1
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1answer
83 views

Withdrawing from Roth IRA before age 59

This question is quite similar to this one, which I asked earlier this week. Suppose I have contributed to my Roth IRA plan $5,500 for 5 years for a total of $27,500 of contributions, plus another $...
1
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1answer
139 views

Restricted in service distribution at age 59-1/2

Is it legal for an employer to restrict 401K in service distribution to employees 59-1/2 years of age or older? Is the employer liable if this restriction was not clearly explained at the time of a ...
3
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1answer
81 views

Implications of withdrawing Roth IRA contributions before age 59?

What repercussions, penalties, fees, or additional taxes exist on withdrawing contributions (basis) from a Roth IRA account under 59 years old? For example, suppose I have contributed $5,500 for 5 ...
0
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1answer
7k views

401k withdrawal leaving US, non citizen

Help me understand the taxes and penalty on 401K withdrawal. What is wrong in my understanding in the following? I am a non-US citizen and I plan to leave the US in 2 years. My company matches it ...
3
votes
3answers
402 views

How do you correct an excess Roth IRA contribution after the October 15th deadline?

I'd like a clear answer on the process of correcting an excess IRA contribution. My Roth IRA has an excess contribution from 2 years back. This means for 2017 I will be paying a 6% penalty. My ...
2
votes
0answers
198 views

Cashing in a IRA from Puerto Rico

My wife was born and worked in PR prior to our marriage over 20 years ago. She is now 60 years old. She has a IRA in PR. If she cashed out the money do we need to show this as income on our yearly ...
37
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4answers
5k views

Why would a trading platform only allow withdrawal to the source of payment?

I have noted that a few online trading platforms have the following policy for withdrawal: they will send money using the same channel which the user deposit in the past. For example, if I deposit ...
1
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1answer
955 views

W8BEN of Indian individual

I need help in filling W8BEN form. I will use this to reduce (or zero) my 401K withholding (whenever I withdraw money) as there is a treaty between India & US. I am not sure what should I fill in ...
3
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1answer
79 views

Withdrawing from 401k - Report income from day requested or received?

I have not received any income in 2017, so I was hoping to withdraw from my 401k and report it in 2017 so that I pay less from the withdrawal being taxable income. But since it is almost the end of ...
0
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1answer
110 views

Rejected payment still withdrew funds from my account

Last Saturday at around 20:00 CST I tried to pay for an item on eBay by using PayPal as a payment method - which I have already used before without any problems, however it failed with a message ...
1
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1answer
101 views

Transferred money to HSA but need it back

I transferred money from my checking to my HSA and now I realize I need it back but not for medical expenses. I usually do direct deposits but I needed some of that money for medical because my ...
8
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1answer
2k views

Withdrawing large sums of money

In the USA, if I were to have an account balance of six hundred thousand dollars which I would like to withdraw in cash, is there any federal obligation for the bank to hand the money out in a certain ...
2
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3answers
99 views

Roth (earnings) and Rollover distributions for first-time home purchase

I would like to withdraw money from both a Roth IRA and a Rollover IRA to help with a first-time home purchase. I have never withdrawn money for this purpose before. I have $5,500 in a Roth IRA that ...
1
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2answers
183 views

Taxes on Roth IRA earnings withdrawals <59.5 but >5 years

Homebuyers, education, disability, etc. exceptions aside, if you are less than 59.5 years old but make a withdrawal of earnings from a Roth IRA account that's been open for more than 5 years, do you ...
-1
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1answer
112 views

Why is there some latency between the time a check deposit was processed and when one can withdraw the money on Fidelity CMAs?

I deposited a check into my Fidelity cash management account. It took a few days for the check deposit to be processed. After that, I had to wait a few more days before being able to withdraw the ...
1
vote
1answer
83 views

Withdraw Roth IRA principal early without paying tax or penalties?

For example, I contributed $20,000 total as my principal and I made a profit of $2,000. Can I withdraw the $20,000 before age 59 without paying tax or penalties?
5
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1answer
194 views

529 plan withdrawal penalties

My son is a freshman this year. We live in and he attends school in California. We pulled out the first $ from our Utah 529 plan. I had the money deposited in my account since I paid the ...
9
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4answers
495 views

How to make it harder to access my money

I want to start being more sensible with my money, this is especially hard around payday when I receive a month's-worth of pay at once. It's all too easy to go for a couple beers after work only to ...
2
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0answers
51 views

Rules for using Roth IRA money toward a first home purchase? [duplicate]

I've got about 5k in a Roth IRA that I rolled over from a Roth 401k about 6 months ago. I would like to use it and/or continue to build it up and eventually use it for a 1st time home purchase. Are ...
2
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0answers
188 views

Using the rule of 55

If I wanted to withdraw $50k out of my 401(k) using the rule of 55, How much more will I have to pay to get that amount. Will I have to pay the 20% federal tax and the 10% early withdrawal penalty and ...
38
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3answers
12k views

How do the rich and wealthy withdraw from accounts without leaving home?

I was at someone's house once and they made a phone call and had someone bring $50,000.00 cash to their home from one of their bank accounts. I think the person worked for the bank and wasn't a ...
0
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1answer
349 views

What happens if I make both contributions to and withdrawals from a Roth IRA in the same year?

I am considering keeping my emergency fund in a Roth IRA (as described in this question) in order to maximize the amount of capital I can potentially invest tax free in the future. However, this would ...
16
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2answers
7k views

Ask FBI permission to withdraw large sums from your checking or savings?

Is it true you have to file papers with the government in the US to withdraw large sums of cash at your local bank branch? I read somewhere once if it's over $5,000.00 somewhere you have to file ...
36
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5answers
13k views

IRS sent me a letter…I messed up by unwittingly taking money out of a Roth IRA and reporting it incorrectly

I recently received a letter from the IRS based on my taxes for 2015. I believe I did not understand the proper workings of a Roth IRA. I was under the impression I could pull my money out and only ...
6
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1answer
288 views

Contribute extra to companies 401k with the intention of withdrawing it for house down payment?

My company has a generous 401k program, they contribute 50 cents for every dollar that I contribute, with a very high maximum contribution. Let's say I plan to contribute $10k per year for my ...
4
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1answer
643 views

How do I move my 401(k) money to an overseas account?

I have lived in the United States and have a sizable amount of money in a 401(k) managed by MassMutual there. However, I'm looking at buying a home where I currently live, and the exchange rate is ...
4
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2answers
193 views

Does a withdrawal of $10000 for 1st home purchase count against Roth IRA basis?

Does a withdrawal of $10000 for 1st home purchase count against Roth IRA basis? I need to know to see how much I can take out after this $10,000 qualified withdrawal (assuming having been in the Roth ...