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401K Non-Resident question
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Suppose I will leave US for good this year i.e. Sep 2006. Would it help if I wait a bit and request the entire 401k distribution on Jan 1 2007 instead of i.e. Sep 2006? I am 30 years old, H1B, and earn about 100K/Yr. My 401K balance is about 40K. I am thinking that I will not have W-2 or other...
401K Question
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These questions deal with a 48 year old man, married to a 40 year old lady. I understand that cashing out 401K attracts a penalty of 10% and income tax of 20% if cashed before one is 59.5 yrs. Is this correct? Secondly, if one is short of cash and decides to cash out before they are 59.5 yrs, can...
401K - to roll or cash
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When I received notification of my QDRO back in 2000 I chose to put it into a 401K with the option (so I thought) of receiving a monthly payment once I reached a certain age. But not being 100% sure, I called the Benefits Office earlier this week and found out that I can 'cash it in' or roll it...
401K Question
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I left the employ of a company that I had a 401K through and cashed it out. They withheld 25% for taxes... How/where do I claim this on my 1040 this year?
401K Penalty and Tax Question
[ 4 Answers ]
Last year when I left my job I took my 401K money in the amount of $9850. I realize I have to pay taxes on this in the amount of $1174 (from tax table) and a penalty (I am unsure of the amount). (Is this penalty after tax?) I have listed this on my 1040A line 11a as an "IRA Distribution" (this was... View more questions Search
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