 NI number? |
| My friend came from Germany for few month to work in England. But as he needed money,he had to start work immediately. He didn't have a NI number so I gave him mine. Now he is using my national ... |
|
 If you live in the usa and going to get that tax bounus what are u going to do with it? |
| i am just wondering if any body all ready made plans on how they are going to spend there tax ... |
|
 Taxes: How do I keep my parents form claiming me as a dependent in this years taxes? |
| I just graduated and am living and working on my own. I want to make sure I am independent from my parents so I can get a stimulus check this go round. What do I need to do to claim myself as ... |
|
 How do I know if I get a rebate check? |
| I filed my taxes this year and made just about 8,000. I think my dad claimed me, but he keeps asking me if I have recieved it yet, since I'm suppose to have it direct diposited in my account. H... |
|
 Are there any states out there that do not have a tax on cars? |
| i am sick of paying taxes on cars are there any states that do not have a tax on cars out there? maybe i can get my new car from there and not have to pay taxes on it. lol Virginia taxes ... |
|
 Do i have to report a 200 thousand dollars to the IRS?? |
| Well, my dad just sold a piece of property on his native country and he will be receiving the money in here, so does he have to report that money to the IRS even thought it was for a foreigh country ... |
|
 Am I entitled to any benefits? |
I earn £16,000 pa and my partner earns £12,000 pa. We both live together in rented accomodation with no dependants.
We are struggling quite a bit and was wondering if we can claim any? M... |
|
 Is my friend correct in filing as an independent on her tax returns so she receives the stimulus payment? |
| A friend of mine is 19 (turned 19 in March, so 18 when taxes were filed), lives with her parents, and goes to college as an undergrad student. She doesn't pay rent or help pay for food. The ... |
|
 When is the date you start fileing income taxes.? |
| i have my last pay stub already, because im not working anymore, can file without my w2s.... |
|
 I am scared of the IRS!! Can you help? |
| Hi- Under severely BAD advice when I was younger, I went ahead and claimed exempt. I then thought that I would not need to file, so I didn't for a while. Then I realized that I WAS supposed to ... |
|
 Can I mail my taxes by regular mail? |
| I have to mail my taxes tomorrow which is April 13th. Can I send them by regular mail, or do I have to send them u.s postal service ceritifed mail,Fed Ex or some other over night delivery?... |
|
 Why does the price tag not recflect the actual price including tax? |
| This is in Kissimmee, Florida. Last night, I went to a CVS pharmacy to buy a 20oz Dr. Pepper. The price tag said $1.19. I had $1.25. When I took it to the register, the price turned out to be $1.27, ... |
|
 How do I report someone that hasn't filed their taxes in the last 4 years? |
| I know a woman who hasn't filed her taxes with the IRS over the last four years. She hasn't done this because she is a single parent and doesn't wish to pay for childcare. This woman ... |
|
 Rebate check....? |
| Lots of people I know still haven't received the rebate check when it was supposed to be direct-deposited, but there appears to be no clear reason on the irs.gov website (I filed my taxes early, ... |
|
 My ex-husband owes a lot of back pay for child support. If his new wife filed..? |
taxes only under her name, can she claim our children? He usually claims 2 of our kids though they live with me or do they have to file joint?
Additional Details
He has permission to ... |
|
|  |
Given2Fly | What's the tax and penalty for cashing out your 401K if you are changing jobs? |
Yes, I'm under 59 1/2... |
 |
 
Broke in NC
 |
If you don't have to cash in your 401k before you are 59 1/2 don't....
If you do, have your fund take out 20% in federal and a good amount for state......now this money wll be added to your income so you probably will pay a bit more at years end.......THEN you have to pay a 10% penalty when doing your income tax.
You may have to pay estimated taxes the next year...I don't know why-that's what my accountant wants us to do-even though we are not cashing anythng in this year!!! |
|
Prof. Anger
 |
It's the standard tax effect on your income and an additional 10%. If you don't need the money I would consider rolling it over into another plan. |
|
lit_writer
 |
10% penalty of the amount of the distribution, unless you roll it over into a qualified plan such as a tradtionial IRA within 60 days.
The tax depends on your tax bracket. |
|
imaginadia510
|
it gets added to your total income for that year...so you pay tax at the regular rate...and you are required to pay a 10% penalty on it in addition. if you are changing jobs your best bet is to NOT take it out. have your old job roll it over to another 401k at your new job OR if you new job doesnt give you that option...roll it over into a traditional IRA. You only have like 60 days or so after they cut the check to do this so you have to be quick otherwise it doesnt count. if you do that then it wont count as income nor will you be charged the 10% penalty. its better if the job can do it for you, the rolling over of it...like so you never have a check from them so the IRs can say that you had the money in hand...but if it cant be done that way...AS SOON AS you get the check go open a TRADITIONAL IRA because its like apples to apples then and you should be ok...just remember it has to be within 60 days!!
Good luck |
|
octavio247
|
If you plan on keeping it in a 401k plan you don't have to cash out. It can be transferred from on plan to another without a tax penalty.
There are some forms that need to be filled out but don't cash out that money can only grow with time. |
|
Mr. Prefect
 |
Unless you absolutely need the cash, roll it over into an IRA, with no tax consequences. |
|
smancini3
 |
10% penalty and you will be taxed at your ordinary rate. Don't take it out in cash, it will only hurt you in the end.. Roll it over to an IRA. |
|
Judy1
|
The withdrawal is taxed at whatever your tax rate is. But since you are under 59-1/2, there is an additional penalty of 10% of the amount withdrawn. |
|
Gary
|
Do not touch the money. Just get it transfer to another plan. Problem solved. |
|
taxreff
|
Make sure you have your 401(k) custodian do a direct transfer to an IRA if you want to fully avoid tax on a rollover.
It is true that you have, at least theoretically, 60 days to rollover the funds into an IRA without tax or penalty. However, if you receive the check yourself the custodian is required to withhold 20% for federal taxes. That money is credited to you on your 1040, but it means you will be short of funds to rollover by 20%.
The result would be that, unless you could come up with the money from other sources, you would have to pay tax and penalty on 20% of your distribution. |
|
sylvia
|
Don't do it!!!!
It's something like a 20% penalty when you withdraw, and then you have to claim the money as income on your taxes, which means that you'll be taxed on the entire amount (pre-penalty!).
I would say to either roll the money into a Roth IRA, or simply leave it there until you're established at your new job and roll it into that 401k. You don't have to take it with you right then and there when you leave.
Either option will avoid the penalties! |
|
Longhaired Libertarian
|
Federal tax is around 20 to 25%. Penalty would be up to the fund management. You should be able to roll it over into an IRA without incurring any taxes. |
|
pstottmfc
|
I'm not 100% sure, but I think it is added on to your gross income for the year and taxed at the regular rate.
If you are leaving the country it might be lower. |
|
Dick Tater is Bob Loblaw
|
I think it is a capital gains tax and penalty - somewhere around 40 - 49%. I may be wrong, but it is a steep amount. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
13 | 28 minutes(s) ago
| | | |
13 | 1 hour(s) ago
| | | |
13 | 5 hour(s) ago
| | | |
13 | 7 hour(s) ago
| | | |
13 | 11 hour(s) ago
| | | |
13 | 1 day(s) ago
| | | |
13 | 6 day(s) ago
| | | |
13 | 1 week(s) ago
| | | |
14 | 3 week(s) ago
| | | |
13 | 1 month(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
