I just withdrew money from my rollover IRA. Will I have to pay taxes?
You will need to pay taxes - the withdrawal will be taxed as your regular (W2) income plus 10% penalty unless the money was used for qualified purposes such as school. You are probably looking at a total tax hit approaching 50%. Google 'IRS publication IRA withdrawal' to find IRS info on the topic. PS: you may be able to put the money back to avoid the tax hit.
Why do guys just roll over?
fatigue
If a car rolls over, can it kill?
I just read a piece of a guy who was killed because he made a wrong turn, ended up in the shoulder lane, and the car rolled over into an almond orchard/field, but landed on its wheels... i just was wondering how someone can literally die in such a way....i mean if you're wearing your seatbelt, shouldn't u be ok? I'm not sure if he was wearing a seatbelt...
When was the year when the US first started just "rolling over debt"? IE issuing new debt to pay for the balance of the old debt once it comes due?
Every year the gross federal debt either increases or decreases. If it increases, it means new borrowings were greater than repayments, so you could say the government rolled over debt, plus borrowed some more to fund deficits. If debt decreases, then at least some of the old debt was paid down with revenue.For most of US history since 1792 there have been periods of debt run-up, usually associated with wars, followed by pay-downs. So in these periods while the government did roll over debt in some years, the overall plan was to pay it back eventually.That ended in 1957, when the government gave up trying to pay of debt from WWII. Since then the gross debt has increased every year except for a small blip down in 1969. But this was not a decision made in 1957 to roll over debt forever, it just worked out that way.
Just received my 1099-R?
The last company I worked for was my first time having a 401(k), which when I left I rolled over into my own IRA Rollover. So I didn't realize I was getting a 1099-R (postmark was Feb 27). I've already finished and submitted my taxes. Will this rollover effect my taxes causing me to have to amend my taxes? I'm really ticked off with this company since I thought anything to do with taxes had to be postmarked by Jan 31?!
Is there a way to roll over the debt from my last car into a new loan?
Yes you can. Some banks will advance up to 140% or more of a cars value. This means if you trade in your car, and the car you are buying is worth $10,000 and you are upside down $4000 they may be able to get the bank to advance the entire amount. CREDIT is the key in this scenario. The better your credit is the more likely a bank will let you barrow more money than the value of the car. For the most part, I would look for a vehicle that had a high rebate, that was still in a price range you could afford. The rebate should help eat up your negative equity, plus if you are able to put some money down that also will help. Remember that even if you have enough rebate to cover your negative equity, that you are still going to be financing your Tax Title and License, all of which might be limited on the loan from the bank. You need to go in and talk to dealer that you feel comfortable doing business with. They should have enough lenders to find a solution to solve your problem. Keep in mind though that you are going to have higher payments because of the negative equity. For instance if you are adding $5000 to the loan, your payments will be about $100 higher than if you did not have that added to your loan. Word of advice. Most dealers will offer products to protect you from the unknown. Most people say "NO I DONT WANT THAT" before they even hear what it can do for them. I am not saying you need to buy everything, but it may be advantagous to ask, "What can this do for me?". Gap insurance is usually just an addition of a few dollars a month. Money you will blow anyway, if you spend that money on a car payment it is budgeted and you just keep going on, but if you don't you can get caught. The best option would be to find a rebate, and buy a car, the dealer will make it work. That is what they do. Richard Finance Director Chevy, GMC, Pontiac, Isuzu, Kia, Hyundai
What does it mean to 'rollover' your 401(k)?
401k is a retirement account that is offered by your employer. You can contribute to your 401k account before taxes. The amount that you put away in your 401k account, will be deducted from your annual income which means you will pay less taxes. Most employers have matching programs where they 100% match whatever you put in up to 5% of your salary. Or they may do a 50% match whatever you put in for up to 3% of your salary. If your company has a match, you definitly want to take advantage of it. You can invest the money you have in your 401k in stocks/bonds/mutual funds/ect to earn interest. Those interests will be added to your 401k and you can take them out once you retire at 67 or later. At that point, you'll take taxes on the money you take out, but hopefully you will be in a lower tax category by that time. If you take money out before you're 67, you'll have to pay taxes on it + 10% penalty. (that's really expensive. you don't wanna do that.) You can take loans against your 401k account and then pay yourself back every months vs. borrowing from a bank & paying them interest. But you want to be careful because if you have a loan against your 401k and you decide to leave your employer, the loan becomes fully due at the day that you're leaving the company. There is something called a roth 401k which is the same thing as 401k. The only difference is you pay the taxes upfront and then earn interest, but when you start taking money out on retirement, you don't owe ANY taxes, not even on the interest. A rollover 401k is when you have a 401k with a company, you leave the company, and the new company has a 401k program as well. Then you have certain amount of time to move your old 401k to the new 401k. (called rolling it over.) You definitley don't want to leave your money with the old employer, but you probably want to roll it into an IRA (individual retirement account) vs. your new 401k. IRA is the same as 401k, but it's not with any imployer. You can go to any investment company and open an IRA on your own. The reason to roll over your old 401k to an IRA vs. your new 401k is that usually IRAs offer much better investment options and much more options. Hope this helps. There is also a concept called "vesting" that you may want to look up later. Didn't wanna confuse you too much :)
How does one roll over debt?
Unfortunately, by finding someone else, who will loan you, more money, to cover your debt, usually at a higher interest rate. This, is the route, to financial disaster. Concentrate, on paying down your debt, rather than rolling it over. You will never become financially secure, until you become debt free.