Tag Archives: Roth 401

Contributed and Quit

Today TaxMama® hears from Sergey in the TaxQuips Forum, with this problem. “I started a new job with a 401k plan this year; but I had to quit after a few months. I accumulated some money in my 401k with this organization; and I want to take that money out now. Am I subject to […]

Required Minimum Distributions

Today TaxMama hears from David in Arizona who has a good imagination. “When required minimum distributions for standard IRA accounts begin, can distributions be transferred to Roth-IRA, considering no wage income is available for the year of transfer?”

Taxes on Early Distributions from Retirement Plans

Courtesy of the Internal Revenue Service TT-2008-36 Payments that you receive from your IRA or qualified retirement plan before you reach age 59½ are normally called ‘early’ or ‘premature’ distributions. These funds are subject to an additional 10 percent tax and must be reported to the IRS. There are a number of exceptions to this […]

Roth IRA and 401(k)

Today TaxMama hears from Ken in Los Angeles, who tells us “I’ve maxed out my regular 401K contribution ($15,500 I think) for the year. Are there any negative tax consequences if I start contributing to a ROTH IRA?”