I qualify for foreign earned income exclusion. This shows as a negative on income on the tax form. If I convert a traditional IRA to a Roth IRA, the IRS will withhold some taxes. Since my income is negative, can I get these taxes back at the end of the year? Alternatively, can my negative income offset capital gain taxes?
Using the Turbotax program, it takes the value from form 2555, and places it as a negative number in form 1040. Reading the instructions from form 2555, it says to place the value in parenthesis which indicates a negative, correct?
I have to have a $25,000 surgery not covered by insurance. I’m thinking of cashing out my 401K and someone told me that you can do it tax free for medical bills. Is this true?
I’m only 25 so it’s not like I can’t build back up my 401K…
I am currently contributing to my 401k plan at my present job. I don’t like the choices they give me and the brokerage plan charges $18 per trade and $100 a year maintenance fee. Can I continue to fund the 401k plan and transfer the moneys to a Roth IRA or similar plan at another brokerage?
When looking at my 401k statement, there is an “Earnings” section and a “Appreciation/Depreciation” section. What is the difference?
Six Tax Breaks for Small Business
Plus steps to ease the credit crunch for smalls — all in a bill moving rapidly through Congress.
Read more on Kiplinger.com
Can I have an IRA and also a 401K plan at the sametime?
I am planning on getting a Traditional IRA plan so I can put away $4000 tax free for this year. However, my company may possibly introduce a 401K plan soon.
If I invest $4000 in an IRA account this year, and if my company introduces a 401K plan a little later this year, am I allowed to contribute to both IRA & 401K plans in the same year?
FYI, my filing status is married filing jointly and my wife has a 401K plan at her work place.
Would appreciate any guidance here. Thanks.
My wife’s company just added a 401k and I am considering contributing to it but was wondering if there are limits to max 401k contributions if we file married/jointly? I currently max out my 401k account and I know with our combined income status IRA contributions are no longer tax deductible so I am worried adding to her 401k will bring the same limitation.
I want to understand if the 401k loan interest schedule is different from a mortgage interest schedule. For example, in a mortgage payment the interest is the most of it. Is it the same with 401k loan?
Reason for asking is to see if it makes financial sense to use 401k loan to pay off a mortgage on a property. Thanks!
Accounting: Weighing the pluses and minuses of Roth IRA conversion
Also: Finance bill excludes extension of COBRA subsidy
Read more on North Bay Business Journal
I know that the government has changed the distribution age several times in the past on 401k plans but I was told that the government could change the tax rate anytime and for any amount.
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