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Additional Details
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MO Momma | What is the potential of getting 401K Termination Taxes back at the end of the year? |
We just bought a new house (2008), we have a new baby (2007) and I am interested in claiming my old 401K from a previous employer. The taxation would be 20% not including state (MO).
My husband thinks we can get these taxes back, but I would rather roll it over into a Roth IRA and save the money. He's afraid of not having quick access to the funds.
The total amount is less than $10,000.
Please Advise??? Experiences??? Suggestions???
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Judy1
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The 20% is withholding. If your total tax at the end of the year is less than the amount withheld, then you'd get the extra back, just like other withholding. If you didn't pay enough in, you'd owe the rest when you file.
If you are already in a 15% tax bracket, then 20% withholding won't be enough, since your income tax would be at least 15%, plus the 10% penalty for early withdrawal, so that would be at least 25%.
If you roll it into a Roth IRA you have to pay the income tax, since a Roth is funded with post-tax money, but you wouldn't owe the 10% penalty. If you put it into a traditional IRA you wouldn't pay tax OR a penalty.
If he's concerned about possible future emergencies, you could still take some out later, and pay the taxes and penalties then, if you had to. |
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Wayne Z
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Do not cash it out!
Roll it in to a Traditional IRA. No taxes...No Penalties.
If you roll it in to a Roth, you will have to pay taxes and, chances are, the 20% withheld won't cover all the taxes.
If you cash it out, you will owe taxes plus a 10% penalty.
One other thing of note, a house purchase is a great idea but don't look for it to be a HUGE tax windfall, especially in the year of purchase. |
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wartz
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You will owe income tax at regular rates plus 10% for early withdrawal. The 20% will probably not be enough. |
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ninasgramma
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If you want to dissolve your 401k account at your old employer, do not take a direct distribution. Roll the money into the Roth IRA. You will pay income tax but no penalty.
Do not have taxes withheld from the 401k, since that will trigger a 10% penalty on the amount that was not converted to the Roth IRA.
If you cannot afford to pay the additional taxes without dipping into the 401k, roll the 401k into a traditional IRA, and then convert that in smaller increments to a Roth, over a few years. The tax impact will be minimal.
Since the funds that eventually get into the Roth IRA are converted from a 401k, you will have to wait five years after establishing the account before you can take the money out without a 10% penalty.
Select the financial institution that you want to hold your IRA, and contact them for rollover assistance.
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chatsplas
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NO, NO, NO. Roll your 401k over to a traditional IRA or even a Roth IRA (taxes on it). Don't touch it. These are NOT funds to touch, to have quick access to. You lose a MINIMUM of 20% of YOUR money by taking it out of a 401k and not rolling it into a traditional IRA. This money grows taxfree until your retirement. Taking it out means 10% penalty and tax at your tax rate, 25%? 32% whatever. It is NOT a good thing to do. The 20% is the withholding and you most likely will be paying even MORE for touching these funds. But even if you were to only lose 20% of your money, it's NOT worth it. Why lose such a large percentage of your money? Let it grow tax free for your retirement. By all means, start contributing to a Roth IRA if you want. But 401k and IRAs are not ready reserves to be tapped before you turn 59 1/2. They are for your future! |
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travelguruette
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You can roll it into another employer plan usually or into a traditional ira. If you take it out you pay the federal and state taxes and a 10% penalty on the amount at tax time. You do not get the money back. You cannot roll it into a Roth IRA. A Roth IRA is for after tax money and a 401k is pretax monies. There ia a rollover IRA where you can roll your 401k into it, pay the taxes but no penalties, then put it in a Roth IRA. |
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Blair
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When you say you are interested in "claiming" your old 401k, I have to assume you mean, rolling over or changing administrators of your 401k account. So I'm going to answer as that if you don't mine. If you are not claiming hardship of any kind, (not indigent) and you would like to move your 401k to a Roth IRA instead of withdrawing it, there will be a tax impact since 401ks' are pre taxed as opposed to a roth which is taxed up front. First, contact the current administrator (of the 401k) and get the exact vaule. Take that number and contact the adminisrtator where you want to transfer the funds and they will ask you a few more questions and will determain the amount you may transfer over and your tax liabilities, which will be automatically deducted.
As with all IRAs, there are specific eligibility and filing status requirements mandated by the IRS. A Roth IRAs main advantage is its tax structure. Depending on with whom a Roth IRA is set up, it can be managed in creative ways, including investments in non-typical assets (self-directed IRA).
The total contributions allowed per year to all IRAs are limited. This total may be split up between any number of traditional and Roth IRAs. In the case of a married couple, each spouse may contribute the amount listed:
$5000 if your age is 49 and under $6000 if your age if 50 and over.
Both of these tools will have an impact on your taxes when filed. If you and husband can afford to do this, than do so. But remember, you can not withdrawal from roth accounts during what is called the seasoning period; until the age of 59 1/2.
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v b
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The 20% withheld is NOT the tax/penalty, it's withholding towards the tax and penalty. In all likelihood, you will owe another 15% for federal tax. (25% tax bracket + 10% penalty). |
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