IRAs, 401(k)s & Other Retirement Plans: Taking Your Money by Twila Slesnick PhD Enrolled Agent, John C. Suttle Attorney

By Twila Slesnick PhD Enrolled Agent, John C. Suttle Attorney

For those who are... *approaching retirement *retiring early *changing jobs *looking to borrow cash out of your retirement plan *wondering what to do with an inherited plan desire this publication! IRAs, 401(k)s & different Retirement Plans is helping you are making experience of the principles that govern distributions from retirement plans, and stay away from the stiff consequences that lurk within the nice print. It covers the differing kinds of retirement plans -- together with 401(k)s and different profit-sharing plans, Keoghs, IRAs and tax-deferred annuities -- and the taxes and consequences which can dissipate your nest egg. In obtainable, simple English, IRAs covers: *the tax recommendations prior to retirement *the tax thoughts at retirement *dividing a plan at divorce *tax consequences for taking your cash out early *methods for heading off tax consequences *distributions you want to take in the course of your lifetime *distributions on your heirs after your loss of life *Roth IRAs With this ebook as your advisor, you will comprehend the principles, keep away from the consequences and store to your destiny like a professional.

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Extra info for IRAs, 401(k)s & Other Retirement Plans: Taking Your Money Out

Sample text

2/32 2. Roll Over Your Distribution ..................................................................... 2/32 3. Averaging and Capital Gain Treatment Not Allowed ................................ 2/32 2/2 IRAS, 401(K)S & OTHER RETIREMENT PLANS 4. Special Rules at Divorce or Separation .................................................... 2/32 5. Hardship Distributions ............................................................................ 2/33 E. Special Income Tax Rules for IRAs ..............................................................

In addition, you must report $60,000 of the retirement plan distribution as income. The $240,000 that was rolled over is not subject to tax, but the $60,000 that was sent to the IRS to pay taxes is. Even though the withholding was mandatory, it is still treated as a taxable distribution. In essence you took money out of your retirement account to pay your taxes. On the plus side, you should be entitled to a big tax refund when you file your tax return, since you paid $60,000 (through withholding) for taxes due on your distribution, but the taxable portion itself was only $60,000.

And if you can, who should be responsible for the taxes and penalties (if any) on the part you give away? Congress addressed these concerns by giving divorcing couples a vehicle for protecting plan assets and minimizing tax penalties. It’s called a Qualified Domestic Relations Order or QDRO (pronounced “Quadro”). The QDRO rules spell out the BASIC TAX RULES FOR DISTRIBUTIONS circumstances under which your qualified plan benefits can go to someone else—an alternate payee—such as your soon-to-be former spouse.

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