 My neighbor just told me he has not filed taxes in 3 years? |
| Just now he decides to be worried. Says he is not sure he can even find much of the paperwork, w-2's I assume or whatever. What can he do? Should I tell him to call the IRS directly and work ... |
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 I owe a substantial amount of Federal Tax. Can I make a contribution to a charity rather than re-pay to IRS? |
| I would very much prefer the $25K to go to a specific charity (in a form of a tax-deductible donation) rather than to vanish in the bottomless pocket of the IRS. Any idea if this would be possible? PL... |
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 Do i have to report $300 dollars as income? |
I have a regular salaried job. But I may make $300 dollars on an unrelated side project for a company if i were to design a logo for them.
Do I have to report this $300 dollars for taxes? If so ... |
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 I'm getting payed less than minimum wage? |
I get paid cash and getting paid less than minimum wage,
should I have a talk to my boss about it.... |
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| W2 Form help? |
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 Do I need a bank account to get my tax refund back? |
| Just planning ahead... I will not go back to H&R block this year, so I am figuring out what to do. If I did them myself or something, can I get my refund back without a bank account? Or could I ... |
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 Council tax bailiffs? |
help plz ?? we have been financially skint as my partners been out of a job and my wages went on rent, bills, shopping and everything.
we didnt pay council tax.... they wrote letters, i ... |
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 Can we claim our nephew on our income tax? |
| My sister in law had a baby about 6 months ago and during those 6 months she didn't work. Her and the baby's father broke up and he has been working but he's never been there for the ... |
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 What do I do if I didnt file taxes last year? |
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 I Owe 300.00 In Child Support Will THey Hold My Tax Refund? of 08? |
I Was Just Wonderin
Additional Details
I Dont Mind Payin But Here's The Thinng The Mother Live's With Me In The House So Does THe Son I Send The PayMent They Send It Right Back ... |
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I have Bank of America. Does anyone know if they are slower or ... |
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 Will benefits be affected with the recession? |
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 How much should I be deducted from my wages both for NI and as Income Tax? |
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| Can I pretend I made $5000 from selling stuff on ebay to open a Roth IRA? |
I need earned income to open a Roth IRA, I am only 19 year old and I am a full time student.
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Carmiti P | Should I withdraw my pension? |
I have been accepted to a master's program at an ivy league university - a dream come true, but I do not want to be burdened with more student loans. Should I withdraw my pension - 20,000 to cover costs? Will this be tax free b/c its for school?
Thanks |
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~*WoodSmoke*~ ~Environment~ daBlogPound,Inc
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No.
If there is anyway possible to keep from touching that money you will be happy you didn't.
You will have to decide which is better. There will be taxes to be paid and if you do go ahead and withhold at 25% on your
withdrawl.
good luck |
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bostonianinmo
|
The distribution will be fully taxable as ordinary income regardless of the reason for the withdrawal although there are some exceptions to that for a Roth IRA if you are only withdrawing your original contributions and you've had it for 5 years or more.
If you are under age 59 1/2 there will also be a 10% penalty tax for early withdrawal. However, if this is an IRA you may be able to avoid the penalty tax for educational expenses. There is no such benefit for other retirement accounts such as 401(k)s.
You MIGHT be able to take out a loan against a 401(k) as long as you are still employed by the company that sponsors it. You cannot take out a loan against an IRA or pledge an IRA as security for a loan.
Given the tax implications of raiding your retirement account it will usually cost you less by going with the student loan. And when you factor in the loss of the tax-deferred or tax-free accumulation of the funds in the retirement account you'll always make out better with a loan. |
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ninasgramma
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It will not be tax-free as others have explained. You should borrow the money for school and keep your retirement intact.
In the long run you will come out ahead. |
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Wayne Z
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No. You will have to pay taxes on it and a 10% penalty.
The exception to the penalty only applies to IRAs, not pensions/401k's. |
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Judy1
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No, it won't be tax free - you'd pay income taxes on the distribution, and possibly penalties also depending on the type of pension. |
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fwrighter
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Many factors to consider.
1) Your age?
2) How much student loan we dealing with?
3) Will the interest from the student loan offset the gains in your pension?
4) What if this master's program turns out to be too difficult?
5) What if things don't go as planned and you used up your pension at a penalty?
Not being pessimistic, but just factors to consider before making your final decision. Make sure you do the math behind it. |
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Chris B
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That is stupid. never withdraw your pension. However, if you want to, he only way it can be tax free is if you do a pension loan, that you must payback over time like a student loan. If you take your pension out early you have to pay taxes along with a 10% penalty tax. Some pensions allow a loan, but usually for only half the amount in the fund. |
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They will have your money no matter how you do it. |
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