 As a Beginner, How do I prepare myself to invest money in the Stock Market? |
| Since this is my first investment, I am planning on investing a small amount ($50 - $200) just so I gain some experience. I ask for some advice and/or tips in what I should do in order to be more ... |
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 How much should I invest now so that 26 months from now I will have $3800 in the account? |
A mutual fund pays 4% compounded monthly. How much should I invest now so that 26 months from now I will have $3800 in the account?
Amount = $... |
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 Can anyone recommend a good investing subscription? |
| There are those like the ones from Tom Gardner (Motley Fool), Robert Hsu, Tobin Smith, L. Navellier, etc.... |
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 Should I sell? |
| I'm new to stocks and with the market going down, the foreign market going down, I'm getting worried. I'm not rich. I put about $1100 into the market late December and have lost ... |
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 Forex trading basics, how to start forex trading? |
| I need to know about the basics of forex trading, how to start trading and how to minimize the loss on forex trading and maximise the profits on forex trading.... |
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 Stock Tips and Recommendations? |
| I am new to stocks and looking for some place which can provide me stock tips or recommendations. I have gone through few sites like stocktips.in, www.poweryourtrade.com and http://www.stocksmantra.... |
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 I want and an honest opionion on this guy? |
| He is an investment advisor who has 1000 clients. He and his associates first buys a share and jacks the price up and then he recomends this share in tv to his clients and in the first opportunity he ... |
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 Quicken - can you suggest an alternative? |
Really like Quicken 98 for the investment tools (not so much the budget aids). This is no longer available in the UK any suggestions on an alternative.
Would like an asset allocator tool, a ... |
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 Where can I find someone to help me w/purchasing stocks? |
| There are so many websites out there for buying stocks and it is making me very overwhelmed! I do not have a lot of money to start out with. The most important thing that I need is a website or a ... |
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 Is it safe to bank anymore? |
| Where is a safe bet to invest where money will grow steadily & more importantly SAFELY. With the latest round of banking fiascos it seems that those who save get penalised by those that dont!... |
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 Which stocks to buy and why? |
| Obviously, the stock market is not doing very well just about everywhere, but does anyone know of the stocks that are actually succeeding. Thanks in advance for the help.... |
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 Stock Market? |
| I need to know how the stock market works and how to invest.... |
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 Can anyone help me regarding share market????? |
| How to study share market stocks in detail. I have tried it through books and online but I want more info. Please help!!!... |
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 How do you get into investing in stocks and bonds? What is the minimum to invest? |
| I'm thinking about investing in stocks and bonds but I don't know the first step to take in investing in one. Do I go through a broker? How do I find one? How do I find one that won't ... |
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 I am 15 and looking for a good investing book what is one? |
| So i am 15 almost 16 and i have just recently been looking at the stock market and what it can do for me. I only know the basic stuff about it, like how it works and what it means to buy and sell. I ... |
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Greta Leigh | Cashing out a 401K? |
How can I find out how much I would have to pay in taxes to cash out my 401K?
Do you have to pay state and federal? Can the bank do it for me or do I have to take care of it on my own when I file my taxes?
I live and work in MA.
THANKS!!!! |
 |
 
BigRichGuy
|
YOu have to pay both state and federal taxes. If you cash out a 401K (you have to no longer work at the place where you have it or you have to quallify for a hardship withdrawl) then they are required to withhold 10% of the amount for taxes. You will probably owe more. There is an additional 10% penalty for early withdrawl that you will owe when you file your taxes. So count on 20% minimum. If you are in a higher tax bracket, you may have to pay even more. A good option is to roll over the 401K into an IRA. Then you can withdrawl without the mandatory 10% withholding. However, you will still owe the money at tax time. |
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Thomas
 |
You will be responsible for federal income tax(what ever bracket you end up in) and state and local income tax for the funds. Plus you will be responsible for a %10 penalty from the feds for early withdrawal unless it is for one of the approved reasons that would make you exempt from the %10 percent. Check with the IRS for approved reasons. You employer may take all the taxes out for you so you won't have that worry come April, ask them if they will. |
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rkaminski
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Check with your financial institution. Some will do it for you some will not. I don't trust banks to do anything and it won't be the Bank that gets in trouble with the IRS it will be you. A bank is only in business to make money off of it's customers and they are liable for nothing. |
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laurali79
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i live in ia. and i cashed out my 401k it was 30% in taxes to do so. call the company they will fill you in. |
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Hoa N
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First of all, it is not smart to cash out an 401k before 59and 1/2
with 10% penalty on top of federal, state tax could run as high as 47%.
for the sake of conversation if you had 10k, you willing hand out Uncle Sam 4700.00? |
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Susan C
 |
Actually, if you are under 59 1/2 you will incure an extra 10% penalty from IRS. State, FED taxes too. Smartest way if to rollover. Free to do this with most companies, no tax penalties, and not hard to do at all if you have someone do it that knows what they are doing. Then take out 10 - 20% a year and deal with the taxes at the time of withdrawal or the end of the year. That will help you space out the tax liability while your money is still growing. I can put you in touch with someone in your area that can handle all the paperwork for you with no fees. |
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urbanbulldogge
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First, how old are you?
If you are under the age of 64, you will have to pay a 10% early withdrawal penalty.
No matter what your age, yuo will have to pay both federal and state taxes. The contributions to a 401k are from pre-tax income - you have not paid income taxes on them even though they are income. A 401k is a tax deffered investment vehicle, NOT a tax free one(there are no tax free investment vehicles).
If you left your job and want to move the money, roll it over to an IRA, any bank or investment firm can do this for you. This will allow you to keep the tax deffered status until retirement and avoid the penalty. |
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gin
|
My husband just cashed his out from a past job and he paid fed and state taxes. You contact the people you have the plan with and you have the option of rollover or cash it out. The rollover process is like this: Wait for paper work,fill it out,send it to your current plan holder, wait for confirmation paperwork, fill it out,ETC. Cashing it out is much easier. |
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