401ks & IRAs

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Can I Use a 403(b) Retirement for a Mortgage Down Payment?

Scraping together enough money for a home down payment can be challenging, especially if you're moving to a larger home or haven't built up much equity in your prior home. However, you might be able to tap your 403(b) plan for some of the money -- just don't expect any special ...

How to Document Traditional IRA Contributions for Taxes

One of the chief attractions of the traditional IRA is that you can usually deduct the amount of your contributions when you file your tax return for the year, reducing your adjusted gross income. Keeping track of traditional IRA contributions so that you correctly inform the ...

How to Withdraw From a SEP IRA

Contributions to a SEP-IRA come directly from the employer. In fact, the company can put up to 25 percent of your salary into a SEP. When it comes to withdrawals, however, the rules are identical to those of a traditional IRA. All withdrawals are subject to income tax. If you ...

Who Is an IRA Transfer Custodian?

An IRA custodian is a bank or qualifying financial institution responsible for managing retirement accounts for individuals. In a situation where funds are being transferred between eligible accounts, there typically must be a qualifying transfer custodian for each account ...

Tax Implications for Transferring an IRA CD to a Regular CD

If you have retirement money invested in a tax-deferred individual retirement account (IRA), you may have some or all or some of those funds in certificates of deposit (CDs). Any shift of funds from an IRA CD to a regular CD held outside of an IRA will have tax implications. But ...

Tax Breaks on IRA Deposits

Individual retirement accounts qualify for several tax benefits. Unlike employer plans, the contributions aren't taken out of your paycheck, so you must proactively claim the tax breaks on your tax return. If you accidentally overlook the tax breaks, you'll have to go back and ...

Can I Draw From a 401(k) for a Home Purchase Without Being Penalized With Taxes?

Getting money out of your 401(k) retirement plan to buy a house without a large tax consequence is a bit tricky, but it can be done. The IRS permits early distributions from certain plans penalty-free. If you need extra cash to facilitate your first home purchase, your savings ...

How to Roll Over a 401(k) After You've Left Your Job

Usually, you can't touch your 401(k) money until you turn 59 1/2 years old. However, if you leave your employer, you're allowed to take distributions. You can continue the money's tax-sheltered growth and avoid early withdrawal penalties by rolling it over.

Is a Bond Fund Suitable for an IRA?

One of the major benefits of stashing some of your retirement money in an individual retirement account is the ability to grow your investments on a tax-deferred basis. You get this tax-deferred growth whether you invest in a traditional IRA or a Roth IRA, and regardless of what ...

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