401K and Roth IRA withdrawal tax implications? - tax implications withdrawing from 401k
I am 61 and I want to use my 401K and Roth IRA money to buy a house. When I returned this money as income or can I use for payments and not pay taxes?
Saturday, January 23, 2010
Tax Implications Withdrawing From 401k 401K And Roth IRA Withdrawal Tax Implications?
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All 401k withdrawals are taxable to you what the reason for withdrawal.
ReplyDelete"Qualified to be taxed," no withdrawals from a Roth IRA. The Roth IRA has been open for five years (from 1 January of the year, the account is held) before tax (contributions because you have more than 59.5).
Fund makes other pension Roth has in the count of five years of sitting to avoid taxation.
All withdrawals will be taxed out of a 401K, and age (59-1/2), you should not care about the 10% penalty for early withdrawal.
ReplyDeleteMoney withdrawn from a Roth IRA are taxed under any circumstances.
401k payouts will always be taxed as income and as such, regardless of what you do with money.
ReplyDelete