Questions tagged [401k]
A 401(k) account is a tax-deferred retirement savings account setup by many employers for their employees in the United States. Employees can elect to contribute part of their earnings - either pre-tax or after-tax - to their 401k account and the employer will often make a matching contribution for a portion of it. The before-tax and/or after-tax contributions are subject to yearly limits set by the IRS. Related to the 403b and Thrift Savings Plan (TSP)
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In Service 401(k) Rollover
The IRS seems to allow one 401(K) rollover to IRA per 12 month period BUT does anyone reading this have a good feel for what percentage of 401(k) plan administrators allow "In Service" 401(k)...
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Is term or whole life better?
So this is all very confusing to me I don’t understand the difference and what I need. I am a 48 year old female of average health. One dependent child. Trust age is offering me 20k whole life for $47 ...
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does the 401k 12 month loan limit reset with a new plan
Thank you in advance for any advice!
Pretty simple question:
I have an existing plan with my previous employer, I am no longer with them.
I have a outstanding loan on that plan.
I am setting up a new ...
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Roth conversion as Canadian Resident
I am soon planning to move to Canada and take up a job in Canada for next 2-3 years. During my US journey of 10+ years, I have funded my 401k and Traditional IRA.
I would like to know can I do Roth ...
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Single employer 401k excess contribution
I maxed out my pre-tax 401(k) earlier this year. I had already used up my entire employer match, so the remaining money flowing into the account was after-tax. When I looked at my most recent ...
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401K Rollover Tax Question
I recently rolled over my employee 401k to an IRA at a different financial institution. In that 401k, I had made both taxable and nontaxable contributions. Since retiring, I’ve been receiving required ...
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I am 63 with a Heloc at 9%. Should I pull from my 401K to pay off this high interest Heloc
I am 63 with a $37,000 dollar Heloc at 9%. Should I pull from my 401K to pay down this high interest Heloc and start putting the extra money away to build my savings. We have $950,000.00 in our ...
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Minimizing or avoiding penalty for early withdrawl of IRA and 401k
A friend of mine came to US to work for few years and he is forever going back to his original country because of personal reasons. He contributed to IRA, 401k and would like to take the money with ...
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Can my employer reverse last year’s payroll and put the money towards my 401K
In January 2023, my salary was below $150K, so I bought a Tesla thinking that I can get the $7500 federal EV credit.
Fast forward 9 months and my landlord increased my rent by 25%, forcing me to buy a ...
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Cashing in personal retirement for real estate
I’m currently a 40 yr old military officer approaching 20 years of service, after which I will retire. My retirement income from my service will provide ~$60k per year for the rest of my life, plus ...
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Rollover former employe's 401k after backdoor Roth IRA conversion?
I am no longer at my former employer but I have an existing 401k plan with Vanguard through them.
30% of the contributions were pre-tax. (traditional 401k)
70% of the contributions were post-tax. (...
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Move money from former employer's 401k to Roth IRA and Rollover IRA
I am no longer at my former employer but I have an existing 401k plan with Vanguard through them.
30% of the contributions were pre-tax. (traditional 401k)
70% of the contributions were post-tax. (...
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Contributing over the 401(k) limit vs investing in an index fund?
I find myself in a lucky position. I have a stable, high-paying job that allows me to achieve nearly all my financial goals, including:
Maxing out the yearly contributions to my 401(k), including ...
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Employer has been acquired. Rollover 401(k) before plan changes?
I currently have a 401(k) plan from my employer at Institution A. I also have a rollover IRA at Institution A (with funds from prior employers' plans).
My employer has been acquired, and have ...
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Is it correct that I can have a 2023 deduction for 401k that is treated by the provider as a 2024 contribution?
My last paycheck from 2023 was dated Friday, 12/29. Every date in the payperiod is within 2023.
I noted my payroll explanation shows the deduction occurring for me in tax year 2023. Today, the 401k ...
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