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
votes
1answer
37 views

CARES-related withdrawal: eligible plan vs. opt-in

It seems a qualified individual with an eligible retirement plan can apply CARES act provisions with regard to withdrawals/distributions received during calendar year 2020, whether or not the plan ...
3
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0answers
96 views

Withdrawing from after tax 401k rollovers to Roth IRA

I have after tax contribution. I have setup Roth in plan conversation. If I rollover that money to a Roth IRA, which I can do since it is after-tax money. Do I have to wait for 5 years to withdraw my ...
1
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1answer
70 views

Replacing money in Roth IRA after withdrawals?

In a Roth IRA account funded entirely by after-tax 401k rollovers (mega backdoor), is it possible to use the 60 day replacement rule like in this answer assuming only the principal is being taken out ...
0
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0answers
92 views

Pull money out of old pension and start a stock trading account? [duplicate]

I have 10k in an old pension plan with a company I no longer work for. I have a 401k currently with my present employer and would like to take the 5k and start an stock trading account. Would this be ...
0
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1answer
39 views

Effect on margin of a cash withdrawal

I have a Reg-T margin account with Interactive Brokers. I would like to confirm my assumptions about the effect that making a cash withdrawal on margin would have on the account. Let's say I have $200 ...
1
vote
1answer
29 views

NY State retirement withdrawal and management

My wife worked for ~4 yrs at a school in NY. She was entitled to a retirement package. It states that she as a contribution balance of $4,477. She does not want to go back to work as we are raising ...
2
votes
1answer
71 views

Is selling the contribution in Roth IRA to be avoided if at all possible?

I just heard of the rule stating that the contribution into Roth IRA can be sold at any time, any age, without a 10% penalty or any tax liability? It sounds like an advantage, but it sounds like ...
0
votes
1answer
105 views

Are there any penalties when selling my stocks and withdrawing from my ROTH IRA during the 2020 COVID Crisis in May?

I know there is a penalty if I withdraw if I'm under 59 years old. But was there a new law that took effect to let us sell and withdraw from our ROTH IRA without a penalty or tax liability?
18
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7answers
10k views

The “Cares act” allows $100,000 of 401k withdrawal without penalty. What are the reasons not to do this?

From this website , we can pull out $100,000 from our 401k without penalty. Distributions taken from qualified retirement plans received during 2020 of up to $100,000 for COVID-19 related ...
2
votes
1answer
154 views

Does purchasing a second home qualify for 401K hardship withdrawal?

I just asked Vanguard and they checked my withdrawal availability: Either Hardship withdrawal may only be taken for the following purposes: Purchase of a primary residence. Prevention ...
2
votes
1answer
74 views

How to tell the IRS about Roth IRA gains on early withdrawal?

I had to give some of my Roth IRA to my ex-wife, and didn't do it in the wisest manner. How now do I tell the IRS that only about $80 of the $3,570 that I sent to her are taxable and penalizable ...
5
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3answers
259 views

Best Way to minimize taxes on 401K distribution?

I recently retired at 57 after 36 years with the same employer. I live pretty frugally and my pension is $90K covers all my normal living expenses. I have approximately $2M in retirement savings most ...
1
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0answers
37 views

Is an online “savings withdrawal” calculator a reasonable model for retirement investment draw downs?

I want to calculate a two-phase retirement, with Phase I being the period prior to filing for Social Security retirement benefits, and Phase II being the post-filing period. Is it reasonable to use ...
2
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3answers
258 views

Estimating nest egg and inflation

First a couple paragraphs for me to lay out my understanding and then my actual question. It is often reported that one can estimate how much they need for retirement by taking their current expenses ...
0
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2answers
108 views

Taxes on 401k withdrawal

I’m a bit confused why my dad had so much in fees withheld when he pulled some money out of his 401k. He is 67 and his 401k is through ADP. He wanted to withdraw 5k dollars. We did all the paper work ...
4
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0answers
60 views

What's wrong with transferring $12,000 from RRSP to RRIF and withdraw $2000/yr 65-71 inclusive? Why doesn't this give you $12000 out RRSP tax-free?

I live in ON. Jim Yih wrote Are You Taking Advantage of the Pension Income Tax Credit? Transfer RRSP to a RRIF. At age 65 transfer $12,000 to a RRIF and take $2000 out per year from age 65 to 71(...
5
votes
3answers
221 views

When do we have to pay the tax for 401K withdrawals?

I am planning to withdraw money from my 401K to use it for down payment on a house. The question is, when do I have to pay the tax? If I withdraw it in 2020 after I file my tax return, would I pay the ...
1
vote
4answers
759 views

How to withdraw cash from a credit card if the cash advance limit has been reached

I have a German bank account and a Visa credit card attached to it, but left Germany some time ago and live in a non-European country. Last Monday a bank officer from the German bank called me on my ...
6
votes
1answer
519 views

Strange withdrawal from checking account

I got a notice that there was an ACH withdrawal yesterday from my checking account of $225.38 by OPENSKY PHONE PMT. I'd never heard of OpenSky before and I'm not sure what a "phone pmt" is. I called ...
2
votes
1answer
120 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
33 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 ...
1
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2answers
5k views

What does the ATM error message “085-CVR CHECK FAILED” mean?

Today when I tried to withdraw money from the ATM. My transaction was declined, I received this message The transaction dated 08-Jun-19 20:44:31 through card ending 7123 has been declined due to 085-...
0
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1answer
65 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
votes
2answers
249 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 ...
2
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0answers
26 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
votes
2answers
195 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
29k 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
99 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
votes
2answers
153 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
96 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 ...
-1
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2answers
398 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?
3
votes
1answer
81 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
votes
2answers
300 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
vote
2answers
100 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
99 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
votes
2answers
120 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
votes
2answers
198 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 ...
2
votes
2answers
923 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
votes
3answers
292 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
141 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
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 ...
2
votes
1answer
96 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
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
votes
1answer
93 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
9k 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
565 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
272 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 ...
2
votes
1answer
1k 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 ...