Or you can move that money to the self-managed account and buy stocks?
ups 401k
- Thread starter Jkloc420
- Start date
Jkloc420
Do you need an air compressor or tire gauge
if you want, you dont get the 10 percent penalty by taking it out now
brownmonster
Man of Great Wisdom
You can spread the tax payments over 3 years. You can pay it back in 3 years and get a refund of the taxes paid. 10% early withdrawal penalty waived.
I'm not taking anything out. They money is for retirement. As a matter of fact I turned up my 401k I put extra contributions for the 2019 Roth and accelerated some of this year's contributions to Roth
Jkloc420
Do you need an air compressor or tire gauge
depends, if there is a good stock out there, 100000 will buy a lot of it
Well why not buy it inside of your 401k?
Jkloc420
Do you need an air compressor or tire gauge
you could
The only way I do that if it was going to foreclose on my house or some other unforeseen event
You need to go open self manage account
Then figure out what stocks you would like to buy or other mutual funds
Jkloc420
Do you need an air compressor or tire gauge
no you do
brownmonster
Man of Great Wisdom
The withdrawal has to be coronavirus related. Loss of income, sickness etc.
That's why I do inside my Roth IRA. No commissions on trades
How's your 401k holding up Gramps?
Zowert
Well-Known Member
That’s one week’s pay for a top rate driver pulling a decent amount of OT. We got quite a few single and even married drivers who make too much to get a stimulus check.
Not me though. The wife and I get the full $2400, gonna be sweet.
I'm going to spend most of it and help stimulate the economy
brownmonster
Man of Great Wisdom
Only down 6% for the year. The wifes is another story.
That's not too bad considering what's going on. I would be going nuts if I was retired and not able to put any more money into the market.
Jackburton
Gone Fish'n
The question I have, can you do a Roth conversion with this. For example, with the penalty waived, will Prudential allow you to convert a pretax amount into the Roth portion of our account, and we can pay the taxes now without penalty. With the market being down, paying taxes on a smaller amount then allowing it to grow tax free from this point, you make out better.
I have about 40k in traditional from a long time ago, before switching to Roth. Wondering if they’ll allow me to move that amount over, incurring a taxable event. Technically it wouldn’t be withdrawing, but you could accomplish the same thing by withdrawing and placing it into an Roth IRA, only problem would be yearly limits on contributions, might need to spread it out over a few years between the wife and I.
I’ll call when I get a chance and ask
I have about 40k in traditional from a long time ago, before switching to Roth. Wondering if they’ll allow me to move that amount over, incurring a taxable event. Technically it wouldn’t be withdrawing, but you could accomplish the same thing by withdrawing and placing it into an Roth IRA, only problem would be yearly limits on contributions, might need to spread it out over a few years between the wife and I.
I’ll call when I get a chance and ask
Jackburton
Gone Fish'n
Hmm, that nixes my plan.
I don't know if that is allowed but if you do have a traditional IRA somewhere else I would seriously considering converting it now.
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