 I need 50k in one year (after taxes)? |
How do I get this amount of money? Any ideas!
Additional Details
I am willing to work....and open to work but it is important that I have 50k by the end of this year....... |
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 We're married, filing tax return jointly. New this year: daughter has a new job.? |
Do we 1) include her $6000 income and withholdings on our return?, or 2) have her do her own separate return for her $6000 income and withholdings? Is option-2 correct?
Thanks!!... |
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 Does a senior citizen have to claim rent as income that he gets from his daughter if less than $150/month? |
| My uncle wanted me to check this out for him. His daughter is over 30 and living at home and pays 150 a month rent to him. He was on a disability pension before he turned 65 and up til that point ... |
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 Tax and national insurance?? |
| i resigned from my job 6 weeks ago, since then i have been looking for another full time job but have not been succesful yet, i do not want to sign on the dole but do i have to tell the dole office ... |
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 Please tell me if these things are deductible? |
Credit card interest
Auto loan interest (auto was paid for by a home equity loan on residence)
Auto insurance
CPA for preperation of last year's taxes
Safety deposit box for ... |
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 What is "Head of Household"? |
| I am married, my wife stays home (and has all of 2006) with our only child....I think that is the prime example of H.O.H....but I am not sure. How will I benefit and how should I be filling out my W-... |
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 Getting irritated......!!!? |
| ok, so the last 2 numbers of my soc, are 11, and still no stimulus payment. I filed with turbo tax, paid the fees on my credit card, and got direct deposit back in february. Where is my money!!! ... |
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 What happens if a married couple files "head of household"? |
| Well, not both of them, just one.....in order to receive the eic?... |
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 Would I be able to claim my son in my taxes? |
| I am having my baby in January and I was wondering would i be able to get child tax credit for him since he wasn't born this year in 2008 and I'm gonna be filing taxes for 2008 would he ... |
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 I got a new job and im get 1,200 every 2 week i and i want to know? |
wut is the gov't take out for taxes i so i want to know wut i have left from 1,200 i think it 900$
and i live in new york city if that ... |
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 I need to pay the IRS 10,000.00 how can i avoid this.? |
| I'm currently on a situation were 4-5 years ago i tried to apply for a house. the lady that submitted all the paper work. created a false W-2 saying that for a single year i made over 50,000.00 ... |
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 Stimulus check question? |
has anyone got theres yet. i thought they where spose to come out friday. i havent seen mine but national citys online banking sucks.
Additional Details
sorry ya i am independent. and ... |
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Brian C | Can you rollover a 401k to an IRA and then take a distribution without paying taxes? |
I am leaving my job and want to use a portion of my 401k savings in the meantime. I was told that there is a way to roll the money into an IRA and then withdrawl without penalty. This seems odd to me, but definitely something worth finding out about. |
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LTCPA
 |
This is a muti-facited question. If you are 59 & 1/2, you can roll over a 401-K to an IRA. You can withdraw any amount "penalty free", but not "tax free" .
If you are under age 59 & 1/2 you can "annuitize" the entire amounts and begin periodic withdrawals over your life expectancy. However, you cannot change the withdrawal amount until you have attained age 59 & 1/2 and a minimum of 5 years have passed from the 1st withdrawal. Again, this is "penalty free", but not "tax free".
It is possible if your income level is low enough that you might not owe any taxes on the IRA withdrawal, but you would still owe the 10% premature withdrawal penalty if under 59 & 1/2.
I would suggest that you contact a reputable investment advisor (A.G. Edwards, Edward Jones, Merrill Lynch, etc.) They should be able to help you navigate this area.
As a CPA for 31 years, preparing about 250 returns per year for income levels of poverty up to $500,000 per year I wish to reply to the guy that said "only the rich don't pay taxes". We have a "progressive" tax structure. The more you make, the more you pay. What you would call the poor pay little or no income tax (in fact they receive a subsidy known as "earned inome tax credit"). Middle income pays taxes, upper incomes pay a larger precentage of income, and the rich pay the highest as a percentage of income. If your income is above a certain limit (about $200,000) then you lose your itemized deductions and personal exemptions. |
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roy40372
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if you are permantly seperated from you place of emplyment and you're 55 or older you can take your 401 out without penalty but you still have to pay taxes. if you rool it over you can take a portion of it out and just have to pay taxes on the amount you take out. If you're not wealthy you're going to have to pay taxes no matter what youd only the rich can escape paying taxes. |
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TXBLKGRL
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Don't you wish, you are not going to avoid the tax man like that. |
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Judy1
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You have to pay taxes at some point. If you roll your 401K into a Roth IRA, you pay taxes at the time of the rollover, but then the withdrawals are tax free. That might be what you were hearing about. If you roll it into a regular IRA, you pay taxes on withdrawal.
A penalty applies on money you withdraw when you are under 59-1/2. There are some fairly limited circumstances where you might be able to avoid the penalty, but not the taxes. |
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KariM
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hahahahahahahaa.... no. |
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Vicki B
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No. You can roll over into an IRA account, but you can only withdrawl without penalty if you are over 59yrs. And you will be taxed. |
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Mary
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not until 59 years old |
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lisapj
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If you would have had the money taxed before you put it in then it would not now be a problem. If you didnt have it taxed then in order for you to use it, it has to be taxed first, do you understand? |
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