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Results tagged with 401k
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user 32141
A 401(k) account is a tax-deferred retirement savings account setup by many employers for their employees in the United States. Employees can elect to contribute part of their earnings - either pre-tax or after-tax - to their 401k account and the employer will often make a matching contribution for a portion of it. The before-tax and/or after-tax contributions are subject to yearly limits set by the IRS. Related to the 403b and Thrift Savings Plan (TSP)
2
votes
401k hardship withdrawal
Also you will most likely be required to withhold 20% for taxes from the 401k.
There is no way to defer the taxation unless you take it next calendar year. … Your question seems to be mixing characteristics of both 401k and IRA and while they are similar they do operate very differently. …
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1
vote
Over-payment by ex-employer into 401k
You are indeed a participant in the company 401k. the plan is theirs, and you are agreeing to play by their rules when you enroll. I would call HR and get more info. … It sounds like they over matched your 401k sense they want the money back. …
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1
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Pre-tax 401k and post-tax Roth 401k contributions commingled into same account? Tax treatmen...
It is not necessarily proportional. 401k are all unique per the plan and how they are set up. It is impossible to find any two exactly alike. You should have separate buckets of the money types. … Most people end up rolling over the 401k into an ira when they retire for flexibility to get out from under the plan rules. When you do this you will create a roth ira and a traditional ira. …
- 285
0
votes
Rollover IRA vs traditional IRA (can I make contributions to the rollover IRA?)
You can "rollover" funds from a 401k into a traditional ira or rollover ira, it makes no difference. …
- 285
-2
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3
answers
8k
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How does the "Rule of 55" work for avoiding early 401k withdrawal penalties?
How does the "Rule of 55" work for avoiding early withdrawal penalties from a 401k? What are the conditions around using the "Rule of 55"? Is it practical to use this rule? …
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-2
votes
Do traditional and Roth 401k have the same annual contribution limit?
This is an older question but things have changed. Its a common misconception on what the contribution cap is. A few things.
In 2014, the IRS did not adjust the maximum contribution from the previous …
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-2
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How does the "Rule of 55" work for avoiding early 401k withdrawal penalties?
The "rule of 55" only applies to what the IRS calls "qualified plans" like your 401k. … So definitely consider your income needs between (age 55) and age 59 1/2 before you think about rolling your 401k to an IRA.
This is ideal if your 401k plan allows for partial withdraws. …
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