401ks & IRAs

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Can I Contribute to My SEP IRA for a Previous Year?

Employers set up simplified employee pension individual retirement arrangements, or SEP IRAs, as a way to contribute to their employees' retirement savings. SEP IRAs can accept both employer contributions and employee contributions. The employer contributions are made with ...

Can I Withdraw Funds From My IRA for Educational Expenses?

If you tap your individual retirement account to pay higher education expenses, you might be able to avoid the early withdrawal penalty, depending on which costs you're paying. The Internal Revenue Service does not offer a similar exception if you use the money for grade school ...

Can You Use Your 401(k) Funds for Purchasing a Second Home Without Tax Penalties?

To discourage you from raiding your retirement plans early, the Internal Revenue Service tacks on a 10 percent tax penalty to nonqualified withdrawals from your 401(k) plan. Depending on your age and your circumstances, you might be able to use your 401(k) plan for a second home ...

Roth IRA vs. SEP if Self-Employed

There is no perfect retirement account, even if you're self-employed. While small business owners enjoy a little more flexibility when they determine their retirement options, calculating whether to invest in an Roth individual retirement arrangement or a simplified employee ...

How Much Tax Do You Pay on a Cashed Out 403(b)?

A 403(b) is a qualified group retirement plan that's similar to a 401(k) but offered by nonprofit organizations like churches and schools. If you work for this type of organization and participate in the plan, understanding the consequences of cashing out your account can help ...

Basis of Inherited IRAs

Inheriting an individual retirement arrangement can be both a blessing and a curse. Although you get access to the account and can take distributions without paying any early-withdrawal penalties, you often have to pay taxes on all or some of the distributions. However, if you ...

Can I Make a SEP IRA Contribution & a Traditional IRA Contribution in Same Year?

SEP IRAs are often utilized by the self-employed, but anyone with a business can use this tax-advantaged retirement vehicle. You can contribute to both a SEP IRA and a traditional IRA in the same year, but there are some factors to consider. Contribution limits can vary based on ...

Can I Make Pretax Contributions to My Individual IRA?

Individual retirement accounts provide a temporary tax shelter for your retirement nest egg because you do not have to pay taxes on your earnings until you make withdrawals from the account. You can grow your money even faster by depositing funds into your IRA on a pre-tax ...

How to Report IRA Withdrawals on a Tax Return

Any time you tap your individual retirement arrangement to get money out, you'll have to share the news with the Internal Revenue Service, even if you don't owe any taxes as a result. At the end of the year, you'll receive a Form 1099-R from your financial institution that gives ...

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