| Author | Message | ||
     Funny Junior Artist Username: Funny Post Number: 296 Registered: 08-2008 Posted From: 75.149.132.249 Rating: N/A |
thanks mama, will check the details. | ||
| Rocky Junior Artist Username: Rocky Post Number: 436 Registered: 02-2007 Posted From: 68.99.54.200 Rating: N/A |
Yes mama.I am positive about. That is one strategy people employ to take back money without paying taxes. But I think you need to itemize. But Loan lo kuda problems vunnayi. Bes thing let him talk to customer service. In fact I have withdrawn my entire amount and they sent me complete details about the procedure. | ||
| Funny Junior Artist Username: Funny Post Number: 295 Registered: 08-2008 Posted From: 75.149.132.249 Rating: N/A |
mama r u sure we no need to pay tax for the amount which is less than 7500? we are discussing on your post 7000 ki loan teesukunte, penalty 10% apply avuthundaa? means 700$ pothundi? and how this amount will be recovered from us? monthly deductions entha vunochu, i mean entha pay cheyyalsi vosthundi? | ||
| Rocky Junior Artist Username: Rocky Post Number: 435 Registered: 02-2007 Posted From: 68.99.54.200 Rating: N/A |
Withdrawal: A feature that may be offered by your plan that allows you to take money out of your account without promising to pay it back. Withdrawals (and other distributions) are taxed as ordinary income and may also be subject to a 10% early withdrawal penalty, if taken before age 59 1/2. Federal income tax will be withheld at a rate of 20% unless eligible rollover distributions are directly rolled over to another employer-sponsored plan or an individual retirement account. Hardship Withdrawals are not eligible for rollover, therefore, are not subject to the 20% mandatory federal tax withholding. | ||
| Rocky Junior Artist Username: Rocky Post Number: 434 Registered: 02-2007 Posted From: 68.99.54.200 Rating: N/A |
Loan: A feature that may be offered by your plan that enables you to borrow money from your plan account and have it paid back through automatic after-tax payroll deduction. Generally, a loan is allowed for the lesser of 50% of your vested account balance or $50,000, and can be financed up to 5 years From Fidelity | ||
| Chiru_fan Comedian Username: Chiru_fan Post Number: 1577 Registered: 04-2008 Posted From: 71.248.6.40 Rating: N/A |
/ Also It takes alteast 3 weeks or more before he gets money in either option./ I think it depends on that 401k company.... I took loan off my 401k from Fidelity and I got the check within a week. Better thing would be to give those guys a call and ask about different options and based on that, you can decide on how you are going to get the money Mera puranaa naam...Idlebrain_fan | ||
| Rocky Junior Artist Username: Rocky Post Number: 433 Registered: 02-2007 Posted From: 68.99.54.200 Rating: N/A |
I withdrew last year. Best thing call 1-800 number and ask them details. They will explain all the options. Option 1 - With draw totally. If the amount is < $7500 no tax but I think penalty. If oyu draw more than 7500 than 10% penalty + tax (30%) Option 2 - Loan against amount. But you don't get loan for full amount. There are some restrictions. Better he calls them and find out the details. Also It takes alteast 3 weeks or more before he gets money in either option. | ||
| Basky_indya Hero Username: Basky_indya Post Number: 10208 Registered: 10-2007 Posted From: 65.30.78.134 Rating: N/A |
best option is TO TAKE LOAN from 401k. Praja Rajyam Party | ||
| Rebel Side Hero Username: Rebel Post Number: 2737 Registered: 02-2008 Posted From: 151.151.73.171 Rating: N/A |
yes, if u take loan from 401k u will pay interest to urself... if the 401k APR is less than bank loan,then loan from 401k makes sense.... | ||
| Gotcha Comedian Username: Gotcha Post Number: 1364 Registered: 02-2008 Posted From: 24.1.161.76 Rating: N/A |
i think he would be paying interest to himself so nothing to worry anukunta. i may be wrong. | ||
| Funny Junior Artist Username: Funny Post Number: 293 Registered: 08-2008 Posted From: 75.149.132.249 Rating: N/A |
at present vaadiki 40000$ vundi mama. 10000 withdraw chesthe, how it will be? ippudu bayata loan teesukunna anyway he has to pay the high APR. so, is it good to withdraw 10000 out of 40000? | ||
| Rebel Side Hero Username: Rebel Post Number: 2736 Registered: 02-2008 Posted From: 151.151.21.100 Rating: N/A |
he can take loan from 401k...normally companies allow 50% to take as loan from 401k...so if he had 20K in 401k he can take 10K loan...interest rate on 401k would be normally around 7% and it depends on the company... he wont already pay taxes on 401k...its before tax money.. | ||
| Gotcha Comedian Username: Gotcha Post Number: 1362 Registered: 02-2008 Posted From: 24.1.161.76 Rating: N/A |
u wnot be paying taxes for 401k currently. say he has 20k in 401k and want to withdraw everything, 6000 taxes ki potayi anuko, 2000 fine ki pote u will get 12000 anukunta. is it worh to loose 8k? | ||
| Funny Junior Artist Username: Funny Post Number: 291 Registered: 08-2008 Posted From: 75.149.132.249 Rating: N/A |
mama idi koncham elaborate chesthaava? taxes already pay chesthunnamu kada. 401K ki tax rebate vuntundaa? also, he is in need of 10000$. so, what will be the best buy for it? also, thakkuva interest ippudu evadu ivvatledu anukunta. he is having good credit histiory. already BOA vaadini adigithe 22% APR chepthunnadu for 10000$ loan. | ||
| Gotcha Comedian Username: Gotcha Post Number: 1361 Registered: 02-2008 Posted From: 24.1.161.76 Rating: N/A |
if he withdraws money there will be 10% fine apart from regular taxes. I think u can borrwo from from ur 401K as alon though. | ||
| Rebel Side Hero Username: Rebel Post Number: 2735 Registered: 02-2008 Posted From: 151.151.73.171 Rating: N/A |
take loan instead of withdrawl... according to experts withdrwal from 401k is the most dumbest financial thing....unless u are leaving US for gud and u spent every penny u had and 401k is the last resort.. if u withdraw now u have to pay taxes+10% penalty... | ||
| Funny Junior Artist Username: Funny Post Number: 290 Registered: 08-2008 Posted From: 75.149.132.249 Rating: N/A |
maa friend vaalla mother hospitalised. already chaala amount pampinchaadu. but he is out o fmoney now. can he withdraw money from 401K ? if yes, what are the pros and cons in it? can anyone give details of it. |
