 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Cashing in a 401k
At 60 I cash out a small ira I had from a rollover - I used this to pay off a second mortgage- I did not make any money in the ira because of the downturn in the economy'
I know I have to pay taxes on the amount I took out. Are the any fees from the broker I have had this account with for over five years- that I can deduct against this amount.. |
||||
|
||||
|
No, you can not deduct fees that are inside the IRA. You pay income taxes on the difference between what you withdrew and the after-tax amount of your contributions. Since this IRA was funded from a 401(k) rollover, it's most likely that the full amount of the withdrawal is taxable as ordinary income. |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
Under the current economic climate, and huge losses in my 401, I am looking for other avenues to keep from losing more money. I owe 50k on my house. I am looking forward to retireing once the house is paid off, which would be 4 yrs. Under my current plan. But, am wondering about pulling 401k money...
Will be laid off 03/31/09. Age is 61. 401k is currently double my outstanding mortgage amount. Thinking about using the 401k to pay off mortgage and invest remainer in an IRA. What penalties or taxes will I be facing? Could the 401k funds be rolled into an account at the bank holding my mortgage...
I need some good advice.. First of all I am 61 years old and currently have income of $70K from both myself and spouse income. We have a home equity line of credit with a balance of $50K which is due in Dec 09. I am currently making quarterly interest payments of approximately $1000. I have a 401K...
I would like to cash out my 401K and have been searching for a way to do it? This would be accumulative of the years I have worked for several companies. Do I need to go to each one? Or is it in one account that I can go to. I know the risks, and I really need the money, and I am not eligible for...
Hi, I wanted to know the specific process on how to cash out my 401K from my old place of employement. I haven't worked there for 10 years. Who do I need to talk to? What forms do I need to fill out? I just need to know the right steps. I realize I will endure penalties, but it doesn't...
View more questions Search
|
