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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.

2
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3answers
251 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
votes
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
votes
1answer
103 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
votes
6answers
219 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
vote
1answer
68 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
vote
1answer
80 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
votes
1answer
68 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
votes
1answer
485 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 ...
2
votes
3answers
136 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
81 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
votes
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
vote
1answer
281 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 ...
4
votes
1answer
76 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
votes
1answer
88 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
vote
1answer
92 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
votes
1answer
853 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 ...
3
votes
3answers
92 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
vote
2answers
159 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 ...
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votes
1answer
76 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 ...
0
votes
0answers
38 views

Using Roth IRA to stash money for home buying [duplicate]

As I trade equities, I am planning to use a Roth IRA as I don't have to worry about paying taxes if I make any money from it. Suppose I put down 50k over a period of 5 years and earn 15k by trading ...
1
vote
1answer
75 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
votes
1answer
107 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
votes
4answers
457 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
votes
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
votes
0answers
176 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 ...
37
votes
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
votes
1answer
194 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
votes
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 ...
0
votes
0answers
347 views

How to open a US bank account from abroad?

I'm stuck to a situation. I've was living to the USA on non-resident L1B visa , till last year my visa expired so I moved to India. I filed my tax return, and got a refund check, the problem is, in ...
36
votes
5answers
12k 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
votes
1answer
251 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 ...
3
votes
1answer
384 views

How do I move money out of my 401(k) account overseas?

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 ...
5
votes
2answers
146 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 ...
1
vote
1answer
506 views

Is there a problem with withdrawing large amounts at a bank? Australia

If I want to withdraw $50,000 out of my bank. I know i'll be met with some suspicion at the bank and that they'll have to file reports. What are the symptoms of doing this in Australia. Will I enter ...
4
votes
1answer
292 views

Are there penalties for expats taking regular withdrawals from a 401(k)?

I am an American who has retired overseas. I retain a U.S. bank account where my retirement pay goes. I recently made an early withdrawal from my 401(k) and was taxed and penalized as a "foreigner", ...
1
vote
3answers
207 views

Small withdrawals from IRA

This is my first posting to this forum. Throughout the years I put a lot of my pre-tax income into my 401(k) (before I got married). Last year my company was sold so I rolled my 401(k) into a ...
6
votes
2answers
2k views

Can I withdraw a non-deductible traditional IRA contribution without penalties in the same tax year?

I just spend two hours going through IRS Publication 590a, and reading all related question here and in some other places (none matched this question exactly). Situation: X is over 50 and ...
5
votes
2answers
1k views

Withdraw from 401(k) after moving out of the U.S. with lower taxes?

I'm a resident for tax purposes (H1B Visa) at the moment. I have accumulated $35K in my traditional 401(k) account including employer contributions. I'm planning to permanently move out of the U.S., ...
1
vote
1answer
99 views

Determining the interest rate necessary to retain a certain balance after sixty monthly withdrawals [closed]

I have seen many examples online for "Time Value Money" and "sinking funds". I want to know how I can combine any type of solver in the PMT-PV equation? Because all these examples have known FV, PV, ...
1
vote
1answer
74 views

What are the relation and difference between distribution and withdraw?

What are the relation and difference between distribution and withdraw? In the context of IRA, do distribution and withdraw mean the same? Do they both mean either the action of taking money out of ...
2
votes
2answers
237 views

Is withdrawing principal from Roth-IRA that is from a 401K rollover considered penalty and tax free?

I have a Roth IRA that took its initial contribution as a rollover from a 401k I had with a previous employer. Since the old 401k's contributions were tax-free I ended up paying income tax on the ...
1
vote
0answers
23 views

how to opt for discounted rate when converting currencies in paypal?

I read http://trak.in/tags/business/2016/08/25/paypal-slashes-forex-rates-paypal-me-p2p-payments/ and specifically this part - While accepting payments, the user needs to opt for the discounted ...
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vote
2answers
112 views

401k and IRA withdrawal, current tax bracket, or do the amounts increase your tax bracket

I read that 401k and IRA withdrawals are taxed at "your current tax bracket", as in the highest tax amount you pay in progressive income tax. So for an illustrative example, if you are in the 10% tax ...
0
votes
1answer
4k views

Providing bank's information, do I use local or corporate address?

I am filling out a form for authorizing automatic withdrawals from a Bank of America account. It asks for the information I would expect like routing number/account number, but it also asks for the ...
4
votes
1answer
86 views

How can I figure out the optimal IRA distribution before the deadline?

After reaching 70 I have always taken the minimum required amount from my IRA each year. If I understand correctly, I have to make this decision by December. I do not usually know what my other ...
4
votes
2answers
2k views

Withdraw USD from PayPal without conversion to my home currency of EUR?

Is there a possibility to withdraw USD from Paypal to my EU country (our currency is EUR) without converting from USD to EUR on Paypal's side (because of Paypal's high conversion fee)? I have USD ...
4
votes
1answer
411 views

Can I withdraw money from my RRSP without penalty in the same year I deposited it?

During this year I deposited $5,000 to my RRSP account. Can I withdraw this money from my RRSP without penalty since it has not yet been claimed, or will this incur a tax or contribution room penalty?
6
votes
3answers
6k views

How can I withdraw money from my LLC?

I am the sole member of an LLC. I am going to open up a bank account for it. I have $5,000 that I want to open it with. If I understand correctly, I am allowed to pay myself from the profits at the ...
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vote
0answers
19 views

When can I start contributing to my Spousal RRSP again without attribution implications?

I have a question about the Spousal RRSP that I want to validate. When can you start contributing back to a Spousal RRSP after a withdrawal has been made? Summary of actions taken so far: My last ...
8
votes
2answers
3k views

Are you allowed to withdraw from 401k for no reason if leaving the company?

I've searched the internets extensively but I am finding it surprisingly difficult to find a straightforward answer to a very simple question. Assuming I leave the company, can I just withdraw all ...