401k Questions

401k questions?
I am currently 22 years old. I put about $100 into my 401k every other week. I plan on contributing more in the future but for now I am just doing $100. My employer matches 50%. I have 2 questions. 1.) If I were to continue for the next 40 years at $100 every 2 weeks how much would I have in my account after 40 years. 2.) When is the earliest I can withdrawl funds from my 401k without being penalized....

reinkefj:Dear Ms. "melissa126978": (1) It depends. "How much" depend on measured how? (100$ yours + 50$ employer) * 26 weeks * 40 years = 156k$ BUT, you really have to figure rate of return on investments and inflation. Which requires some guess work. Rate of Return is because you are just not going to p... More...

Who can I go to for help and questions regarding my 401k program?
I'm 27 and have started investing in my 401k heavily since 3 years ago. However, I have so many questions, it's not even funny...from basic understanding on how it works, picking the right investment options, obtaining the highest rate of return possible, frequent trading, are blended funds better than individual, etc, etc, etc. I don't think my human resources department would be of benefit either. Who should I talk to? Thanks....

jeff410:The company that handles your 401k should have representatives that can explain things to you.... More...

401k question: is your employer required to give you an information packet detailing the information?
I started the 401k with my employer about 6 months ago. I have had questions about it though so I've been asking my employer for something detailing all the info. I have asked several times and received nothing. The 401k is set up through a third party company, but on their website under "detailed information about your plan" it refers me to my employer. I keep asking and asking but getting nothing. I initially just wanted to know how long the vesting period is (which I now know) but I don't see...

STEVEN F:By law you are entitled to copies of the legal documents that set up the plan. Most people would not be able to read them. Did the website for the company that administers the plan have a phone number? You could try calling them and asking for help.... More...

401K questions from a young and confused person?
Okay so this is an area I know pretty much nothing about so I will probably need lots of guidance..... I will start off by saying that I'm young(22) and while keeping the future in mind is not a bad idea, things like paying off the credit card balance I accrued during college before my student loan grace period is over, is a much higher priority than planning my retirement. Not an attitude I want to continue but for this first year I'm on my own I think that might be ok to let slide. (Just this...

Jessica:No, you don't sound like a moron. When it comes to your financial future, ignorance is not bliss so good for you!! A) If you are at the job with the 401k and want to withdraw a loan and you then LOSE your job or QUIT then you will have 60 days to repay the loan in full. Overall, reputable finanial ... More...

Company threatening Termination because of 401k questions?
I am going to try to break the drama down as shortly as possible. My husband has a 401k and he is 100% vested in a plan that allows loans. In April we filled out a loan application and he was told "no: by the owner because the owner felt he was looking for a new job. We filled out another loan application on July 9th. During these 22 days we have been told that he can get the loan but they will turn over the paperwork when they feel like it, he was also told if he asked about the loan or anyone ...

jefe96us:It's not an SEC as someone else said. The SEC doesn't do anything with 401k plans unless there is company stock involved. You need to contact the US Department of Labor. They enforce the rules of ERISA (Employee Retirement Income Security Act) which governs how 401k plans operate. The employer c... More...

What kinds of questions should I ask a 401k salesperson that is coming to my job?
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401k rollover questions?
I have the following retirement accounts; Traditional, Roth, SEP IRA, as well as 401k account from my previous employer. My question is; 1. If I rollover my 401K to SEP-IRA, can I still contribute 20% of my self-employment income to SEP-IRA? (Does my rollover counts towards this limit?) Also, if I do the roll-over, can I deduct the roll-over amount when I file my taxes next year? 2. What if I roll-over my traditional IRA to SEP-IRA? Please let me know. Thanks!...

digdowndeepnseattle:rollovers do not count as contributions. they are transfers. You can't deduct them no matter what you do. Only thing that happens is that you declare them on your 1040 (line 16a) and then declare them to be non-taxable on 1040 (line 16b). At that point the govt computers scan the databasefor rol... More...

401K question and taking a loan out of your 401K?
When you take out a loan from your 401k and they want you to pay it back, it is added interest, Does the interest go into your bank account or do the 401 K people make that money? And why do we have to pay back that money?...

roadrunner426440:the interest goes into your 401K You have to pay the money back because otherwise it is a taxable withdrawal remember if you have a loan and then lose your job you have a very short fixed period to pay it back in full or it is viewed as a withdrawal Caution is advised here... More...

401k questions (HELP)?
I would prefer that only those completely knowledgeable about 401k's answer this, and please, don't say we're stupid for thinking about doing what we need to do. OK, hubby has a 401k at work with xxxxx.xx dollars in it. We borrowed xxxx.xx from it last year and have been paying back since then. His employer is closing their doors next week (so this doesn't fall under his having been fired/quit). Since his place of employment is closing are we going to be penalized for no longer "paying back"...

Professor Wonderful:Your answers can be had by calling the IRS at 1-800-TAX-1040. I call them every few months because I continue to get questions that even a professional can get wrong. Confirm these points with the IRS: First, you can have a roll-over period. That is, you can withdraw all the money available und... More...

401k, Questions on transfer and withdrawal?
Situation: I have some money in a 401k from my previous employment. 1) How do I transfer that money to another investment? 2) Can I just withdrawal that amount? How? Penalties? It's been sitting there for several months. I think it's gradually losing money. It would be more useful to have it in AmeriTrade or just cashing it out. I plan to do Dental Hygiene, I'm not certain if that industry offers 401k for me to continue transferring it around - so cashing out wouldn't be bad. I could use ...

Al in NC:If you cash out your 401K you will owe taxes on the withdraw. Also, 10% early withdraw penalty if you are not 59 1/2 (there are exceptions to this rule). The best method is to open a self-directed Traditional IRA at a brokerage firm such as Scottrade. Let them know that you wish to do a DIRECT ROLL... More...

401K question-A couple of questions?
Is the 15K limit per person or per couple? And, is the employer match outside the per person limit?...

westsaeed:The limit of $15,500 for 2007 is per employee, not household, and it doesn't count what your employer contributes. The purpose of the limit is to reduce your deductions and pay more tax, not to limit what you wind up with, so your employer's contributions don't come into play.... More...

401K plan questions?
Hey Guys, Im 23 years old and I work 2 full time jobs... I already have a 403B plan with one of my jobs and the other offers a 401k plan. But in my 401k plan I am going to have them manage it because I dont have the time to take and watch for what is rising or not. But my question is there are 5 types of portfolios... The Conservative, The Moderate, The Balanced, The Growth, and The Aggressive... Should I be aggressive with this portfolio or kinda laid back with it. I only plan on staying with t...

STEVEO:congrats. at your age and working two jobs as well as starting your retirement investing. your light years ahead of most people your age. an aggressive approach @ your age is easily the best way to go. that will usually put you into mutual funds w/ growing small and mid-sized companies (think M... More...

Can you help me with a 401k question?
Eight months ago I lost my job. My 401k is still sitting with my previous employer. I know should move my 401k money to an IRA, but there are so many options I don't know which I should choose. There are the big guys like Fidelity and the little guys like every bank on every corner. How do I know what's best for me? Any advice would be helpful and appreciated....

Billie:Find someone with the "heart of a teacher" Dave Ramsey has some on his site, under ELP (endorsed local providers)... More...

Questions regarding 401k retirement with perdue farms?
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Questions about 401k, Roth IRA, Regular IRA,and savings accout?
I work for the state and I have a retirement plan already with my job but they don't call it 401K, they call it "A retirment plan" and they match me at 5 years. I wanted to the difference between 401k, Roth IRA, Reg. IRA and are there anymore other retirments plan out there that I can choose from? I was also thinking of opening a saving account and using that for retirement account, I will not touch until I'm 65 but I wanted to know do they charge on taxes awhen I take out and will I make mon...

amazed:go to your local public library and take out a book. from the sound of your question you could learn alot.... More...

The company I work for is sold to another company. 401k question?
My former income was $48,000 per year, now it is $7200 per year and there are no similar jobs with matching salary in my area. I would like to cash out my 401k in 2007 and would like to know the penalties invoved. My wife's salary is in the mid 30k and i have enrolled in a nursing course, but will not graduate until December 2007. My 401k balance is $24,000 and I am 45 years old. Can anyone help?...

Mike S:Don't do it! As a former investment broker, I can tell you that you'll not only pay a strong penalty, but whatever you cash out will be added to your yearly income and you'll have to pay taxes on a higher amount (be advised that whatever is in that 401k has NOT been taxed yet... so if you cash it o... More...

I see here many questions from US about IRA and 401K. Can someone please explain what they are?
Also what the initials stand for? Thank you...

nate s.:There are a number of different types of IRAs which may be either employer-provided or self-provided plans. The types include: Roth IRA - contributions are made with after-tax assets, all transactions within the IRA have no tax impact, and withdrawals are usually tax-free. Named for Senator William... More...

Need more detail about previous 401k question?
My husband has got a new job, his current employer sent home this massive packet, which is like latin to my husband and I. We are unsure if his new job accepts rollovers, we have left a message with their CFO. It isnt that much money. Can someone explain the penalty for lump sum distribution vs. rollover? My husband does know that his new company does not start 401k til after the 90days probationary period? In the paperwork it mentions rollovers have to be distrubted during a 60day period or pen...

W:Well you can do the rollover without the new company setting it up for you. Any of the brokerage firms can set up the account or you can do it via all the online firms. Even though the new company doesn't start his IRA until after the probationary period that probably means that they don't allow t... More...

can the stock lost that I have will cancel out with my 401k money?
I still have a $27000 stock lost from the past 8 years and I'm planing to take out $27000 from my 401k. The question is: Can these two cancel out to each other and I don't have to pay any tax on the money? or do I still have to pay? I know I still have to pay the 10% penalty....

Spock (rhp):the 401k withdrawal is NOT a capital gain and can NOT be offset with your capital loss carryforward. 401k withdrawals are ordinary income.... More...

Question about 401k savings. If the company that my 401k is through goes broke, is my money gone too?
My 401k is in a well- known company, and all of the mutual funds within my plan are also managed by this company. I heard that this company recently laid off a lot of its workers, and of course there are all kinds of financial companies going bankrupt left and right. If this company goes bankrupt, what happens to my money in the mutual funds? Again, this is a big well-known company and has families of mutual funds of all kinds, but i won't say the name....

SmartA$$:Your money is invested into the market, not into this particular management company. If the management company goes bankrupt, then your company will choose a new management company for their 401k's, but your money won't be gone.... More...

What are the differences and similarities between a 401K in the US and a regulated superannuation Fund in Aus?
I see many questions on here regarding 401K's which i assume are available in the United States. They sound quite similar to Regulated Complying Superannuation Funds in Australia. I have worked in the Superannuation industry in Australia so I understand in detail how Australian super funds work and the rules relating to them. I am specifically looking for information on how a 401K works and, if anybody knows about both superannuation funds and 401K's, what the similarities/differences are. I...

Muga Wa Kabbz:Since I spend time in both countries during each year, I can give your info, but from a layman's point of view. The 401 Ks are similar to super funds. The differences are that in the 401K 1) It is not compulsory for employers to contribute. It is also not compulsory for employees to contribute, ... More...

Do Pirates receive a 401k plan? I have so many questions.?
I am thinking about becoming a pirate after college. Does anyone know what there benefits are like, I mean other than gold and pillaging. Vacations, sick time? Oh, and what kind of a degree do I need to fire the cannon, and make people walk the plank?...

jonboy_44:garh, well i'm glad ye asked matey, ya see, th' first thing ye be wantin' ta' do is go strait to the pittsburgh shool of piratetry, after furthering yer education, rather, downgradin' ye education, i'd highly suggest makin' it sweet with a fine young woman or two, seein as how us pirates tend to hav... More...

My husband and I have a question concerning a 401k account?
I was wondering if anyone knows how to close out a 401k account and not put more in it. We would like to reopen after the stock market gets better, but we don't know how to do this. If anyone has a solution please help!...

lolly poop:dunno darling id go into your bank though and find out as soon as you can.........god ye did well for yourselfs .. fairplay!!xx... More...

Questions about 401K?
I am in my early twenties and have been at my job for one year. This now qualifies me to participate in their 401K. To be honest I have no idea what a 401K is. What is it? How does it work? What should I invest? Any other tips would be appreciated!!! Thanks in advance....

ADAMSMITH:A qualified plan established by employers to which eligible employees may make salary deferral (salary reduction) contributions on a post-tax and/or pretax basis. Employers offering a 401(k) plan may make matching or non-elective contributions to the plan on behalf of eligible employees and may also... More...

Questions surrounding the proposed plan to lump 401K's and IRA's into Social Security?
Questions have been posed about this proposal, but I wonder how it can be done and how it will affect our banking institutions -- if it could be so, why aren't the banks speaking up? How would the removal of our 401K's and IRA's affect them? What would be the repercussions if this proposal eventually became reality? Is it even possible? What would be the long term effects? http://www.jbs.org/index.php/jbs-news-fe... http://www.lewrockwell.com/blog/lewrw/ar... http://www.rightsidenews.com/200...

seriousone:I don't think it's possible. They would actually have to somehow make it legal for them to "impound" your private money. Banks don't actually hold your 401k, maybe their subsidiary investment firms do, since 401k's are essentially a group investment portfolio with various investment paths such as s... More...

new 401k plan. i have questions?
ok so i know squat about 401k but i have a new plan thru employer and just recieved my first quarterly statement. it makes no sense to me as i really am ignorant to financial and investment matters. based on the following info can someone please tell me if there are changes that should be made as to where i should be putting my money. current assest mix of account balance balance ----% assets---- assest class 0.00 ----0% ----short term income 0.00----0% ----fixed income 643.98---- 100%---- ...

sh.1959:The balanced account it's in now is probably the best place to leave it until you learn more about how to handle it. If you want to be very aggressive with it, i.e. take a lot of risk to in order to potentially make a higher return, put it in the small/mid US equity and International categories. I... More...

401K question, I am in the process of buying a home...?
I have about 25K IN MY 401K, and need some of it to close of escrow. I work for So Cal Edison. Does anyone here know how this works? I called them but they were closed so I would appreciate a heads up. How much can I cash out,... how do I repay it? No one has answered my question. How much can I take out and how would I pay back, do I get a loan and does that loan get put on my credit report? No one has answered my question. How much can I take out and how would I pay back, do I get a loan and d...

Big R:Contact the people who manage your account instead of asking a bunch of strangers. You can get definitive answers in a few minutes. Enjoy your new digs!... More...

What is a good way to roll-over my 401K?
I transferred to a new job for better pay, but this new company doesn't offer a 401k plan. My old company did and I had put some of my money into it. My first question is what financial institution offers the best rates for me to roll over my 401k? My second question would be how do I transfer it from one institution to another?...

PK:Any family of mutual funds can handle a roll over for you. I would recommend looking for no load, low-expense index funds. The two largest fund managers of these types of funds are Vanguard and Fidelity. Both have rollover IRA specialists that can help you with the process. It is relatively pain... More...

401K cash out after termination - is there a penalty fee?
Thank you all who have answered my previous question regarding cashing out on my 401K. My next question is: I am no longer employed with the company that I have worked with and is looking to cash out on my 401K instead of rolling it over. Will there be a 10% penalty fee even if I am no longer employed with the company?...

MarketStock:Oh yeah!!! That penalty is on top of the taxes... More...

for all you accountants out there - 401k question?
I left my job and requested a distribution from my 401k. The check was made out to me and 20% was withheld for taxes. However, I'm putting it into an IRA within the new 60 day window. Will I be able to recoup my 20% or get that back as a tax refund?...

Chuckie O:You would also need to roll over the 20% that was withheld for taxes (from personal funds) to avoid an early withdrawal penalty. If you do that, you should get it refunded at tax time (minus what other taxes you might ordinarily owe). If you don't have the funds, then you will be charged a penalt... More...

financial questions (buying a house, 401k/IRA, stock market?)?
I recently won a lawsuit in which I was awarded $25k. After paying off debt and spending a bit myself I should have give or take, $15k. (debt being a BIG chunk!) After all credit card debt is payed, the only debt I have left is $9k in student loans and then about $9k in an auto loan I've been thinking what to do with the rest. I currently have a 401k from my workplace that I opened when I turned 21 (Im 27 now) would it be wise for me to roll this over to an IRA with my bank? and then perhaps...

CPA/CFA TB:Hello Thomas. It sounds like you are financially put together. Paying off your credit card is a great idea. If I were you, I'd put $5,000 into a ROTH IRA not a Traditional IRA. I'd then think about a house. If your budget can afford a house payment, then I say do it. It is a buyers market righ... More...

401k 72(t) early distributions questions?
I know this is a complicated subject, but help from knowledgeable people would be appreciated. 1. Say I set up the proper 72t distributions and at age 59.5, there was still a lot of money in the account. Is this money handled normally from then on out (i.e. the normal withdrawal rules associated with the 401k as if I never did 72t distributions)? 2. If I am in the middle of a 72t distribution plan, could I still withdrawal more funds (subject to the taxes + 10% penalty on the withdrawn money ...

ninasgramma:1. Yes, as long as you have received the payments for a minimum of five years. You can discontinue the periodic payment schedule and proceed normally. 2. Yes, anyone over age 59.5 who takes a 401k distribution is not subject to the 10% penalty. 3. Yes, there is no upper age limit set by the IR... More...

Why does Suze Orman say to put your 401k rollover from previous employer in traditional IRA?
Suze Orman gives advice that people should rollover your previous employment 401k into traditional IRA. Then she says that in 2010 to move this traditional IRA money to a Roth IRA. Several Questions: 1. What is a "traditional" IRA? 2. What is the logic/benefit to move it to a Roth IRA in 2010? 3. Won't it get taxed once it is moved to Roth IRA? If not, why not?...

coach:1. A traditional IRA is a tax-deferred account. You can contribute up to $5,000 per year and reduce your taxable income. In other words, you pay no taxes on the contribution, but it grows tax-free until you withdraw it (at which it is taxed as ordinary income) 2. Some think that our tax rates mus... More...

Does Starbucks offer a 401k with a company match?
I do know that Starbucks offers it employees a 401k program, my question is if they offer a company match. For example for every dollar that you put in your 401k, they match it dollar for dollar, or .50 to the dollar up to a specified maximum amount. I was curious, I am thinking of working there PT and I was wondering if they have the 401k with a match, if not I am better off with a Roth IRA. Thanks!...

Homer J. Simpson:Yes they do. see page 7 of this document. http://www.starbucks.com/aboutus/SB-YSB-US-HR.pdf... More...

401k ? i'm new to this and need some help and have some questions?
ok i know i am allowed to put in 15% of my total income and that my company matches it 100% but what i need to know is, what are the fee's if i need to take the money out early, and are there any purchases that i will not be penialised for using the money? am i guaranteed to have the money? what if i get fired or quite the job do i still get the money? i know i have never heard of a company that matches it 100% either, which is why i feel like i should take advantage....right now i am 5 months...

BonesofaTeacher:Sometimes there is a waiting period until you can get the company's matching portion. When you reach it you are "vested" in the program, and can take what they contributed plus your contributions when you leave. You should put in all 15%. It is a great deal. When you leave that job or get fire... More...

401k for the first time --- have some questions?
I've never had a 401k before and I'm now eligible for it in my job. Tehy have a 5% match, so that's what I'm going to contribute. This job is something I'm not completly happy with and will very likely be leaving withing a year. In addition, I've never had mutual funds before either and I'm worried about the market going down the next couple years as I think this recession is no where near over. Would I be better off contributing to a bond fund? 1. This gives me peace of mind in a troubled t...

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Inheritance to 401k question?
Hello, I will be receiving a tax-free inheritence shortly. Before I put money into a CD I want to make sure mine and my wife's traditional 401k is maxed out. My question/concern is that since this money coming in to me won't be taxed, how can I avoid being taxed on it come withdrawl time from my tax-deferred 401ks? Is it even smart to put this money in a tax defered account? How do most people handle large sums of money coming in unexpectidley?...

Bulk O:Here is a few facts that you seem to be missing. First off you will be taxed when you withdraw money from your 401K or a traditional IRA. You don't think that the IRS was going to let you out of the taxes did you? You are simply delaying paying tax, as in not as you earn it, but later when you wi... More...

401k hardship withdrawal question?
Let's say I withdraw 10k from my 401k plan to pay for medical expenses and I ended up using only 8k. What should I do with the left over amount? Does the IRS want you to place the unused amount back in your plan? Also, besides the 10% penalty, is there any other penalty at tax time? Thanks for your help....

girlwhoknowsitstrue:You have to claim what you take out as ordinary income + pay the penalty. In addition, when you take the $10k out, the holder of the 401K will take 20% off the top for taxes, so you will only receive $8k, so if you want to replace $2k, you will have to do so with "fresh money". If you pay it all b... More...

I have a 401K question?
I have a 401K program from another job and was wondering how to tell if the new job has a better 401K program and if I should keep the old one.I have almost no idea what to look for or how to find the answer....

Christian:Okay so bits and pieces of the other answers are correct yet incorrect. Here is the deal: 1. You can keep your old 401k at your work IF it is more than $5,000. If it is less than you will need to either roll it into your current employers plan or into a Roll Over IRA. So if it is less than $5000 yo... More...

How much I should pain into my 401k this year (2007) given that I joined the workforce in June?
I joined work force in June 2007 and I am new to the United States (originally from Europe). Any recommendation on how much I should invest? My second question is related to my 401k portfolio - how I should invest? Any suggestion about diversification - and if yes, what are the rules/guidelines for allocation? Any advice on what funds/bonds/stocks are the best?...

MinocStriker:Depending on your bills and everything, and this is just my advice, I set aside a health reserve of funds for the "just in case" situations...after which I've aggressively contributed to my 401(k) (18% of my paycheck). If your company matches contributions to your 401(k), even better. I think most... More...

401k question, wondering if i should close it?
my husband has a 401k through fidelity. with all the economy and everything going down should we just close it? can they borrow money from it and if so will we get it back? anything you can tell me would be great..i just want to know what will happen to all our money.. thanks...

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Tax question on 401k distribution?
I moved some post tax 401k money to a brokerage account (my own money I put in, no employer money). My 1099R shows the gross distribution, but as taxable amount shows zero. Is this a taxable event? The brokerage house is Fidelity, and they're usually pretty good about calculating this. I was told I can do this tax free, but want to be sure. The distribution code is 1 - Early distribution, no known cause....

digdowndeepnseattle:If the 1099-R shows zero in taxable amount then it's a non-taxable event. I find it odd though that there was no earnings on this amount. Earnings on a post-tax 401k account are pre-tax and thus should be taxed upon distribution. Did you get 2 1099-R's? 1 for post-tax showing what you said abov... More...

What should i do? 401k question.?
Say i have $1000 invested in 401k. What should i do with it today. Will it even survive today's record losses?...

jlf:You have investment options within your 401(k) plan - look at those.... More...

401K question - should I buy shares now?
My friend says I should keep contributing in my 401K now eventhough the share market has plummeted - that is because the price per share is lower now, and it is a good time to buy. Is that true? How so?...

J:If you are investing for the long term such as for retirement and you have more than 5 years until you will be using it then you should stop focusing on what the market is doing today or waiting for tomorrow. The market may continue to go down or they may cut interest rates and they will jump, we co... More...

If I have no income and withdraw a tiny amount from 401k, how is it taxed?
I am contemplating quitting my job to start a business. I have plenty of cash, but just in case, I am considering withdrawing a small amount from my 401k each year -- if I have to. My question is, if I have ZERO income next year, and I withdraw a tiny amount (say, $5k or $10k).. I understand there is a 10% penalty for early withdrawal, but wouldn't I be taxed at the lowest tax bracket, and also, if I withdrew a small enough amount isn't is possible that I could withdraw the money for (nearly) ...

misslabeled:If you leave your job, you can open a Rollover IRA to manage your 401k funds. Depending on the institution who manages the account, you can take as little as you like or the whole thing, but you will owe income tax on it at the $5 and $10k marks, plus the penalty. But you're right that it will be ... More...

What's the 2008 contribution limit for Roth 401k and Roth IRA combined?
Like the question asks what is the combined total limit for the Roth 401k and the Roth IRA? I've read too much conflicting information that you can contribute the full 5k in the Roth IRA and 14k in the Roth 401K? Then I've checked with financial advisors and they indicate otherswise. Hm, please CITE sources with your response, need accurate information. Lastly, if anyone know what the combined limit between the Roth401k, Roth IRA and the traditional 401k also list it as well. Thanks! Can Icon...

The Shadow:The 2008 limit for a 401k is $15,500. If you're 50 or older in 2008, you can contribute an additional $5,000. The 2008 limit for IRAs is $5,000. If you're 50 or older on 2008, it's $6,000. However, your ability to contribute to a Roth IRA is reduced or eliminated if your modified adjusted gross i... More...

What penalties would I incur if I withdrawal from my 401k after tax monies?
Here is my question. Say I want to withdrawal a certain amount of money from my 401k after tax money, would I have a penalty in doing so? I am not knowledgeable about this and looking for info....

PepsiLime:You would pay taxes on it at your regular tax bracket rate, and if you are under 59 1/2 and don't meet certain exceptions for using the money (first time home buyer for one, medical expenses for another, etc) there is an additional 10% penalty that you would have to pay on top of the tax.... More...

401k and taxes question?
i cashed out my 401k this year after switching companies. i already payed the taxes and penalty fee on it. but now that i am having my taxes done, the preparers said that they will need some kind of form from me to finish my taxes. they were very vague and didnt answer any questions. what kind of form do they need and where do i get it? i lost all my papers on my 401k during a move, so if it is a paper that i was already supposed to have what do i do? great answers, very helpful, but there is on...

sumbumblebee:They're referring to a 1099-R. You may have received it when you got your distribution, or they may still send it to you (make sure your previous employer has your new address). If you already received it, and subsequently lost it, then you need to call up your previous employer. Ask HR to put ... More...

Is it MUST that on 401K plans emplyer has to contribute?
I had 401K and recently my employer has cut his contribution, my question is is he allow to do that?...

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401K question....Just your thoughts?
If my 401K was at $50000 when Dow was at 11000, will my 401K be back at $50000 when the Dow reaches 11000 sometime in the future???? I understand it is not a direct relationship, and I am invested diversely and the Dow is only part of it , but just asking as a general question.....Thanks...

Ted:The reason the Dow is quoted all over the media is that it is the oldest index and the general population expects it. The DJIA is actually a poorly constructed index. If you want a view of the market in general, you would be better off looking at the S&P 500. As to your question: no. The DJIA ... More...