| please help 401k, IRA,money dont know......... |
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ZAMORA
New Poster
Cash: $ 0.45
Posts: 2
Joined: 22 Feb 2006
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| please help 401k, IRA,money dont know......... |
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Hi every one!!  I need some help. there is this person that i know with a 401k and 27k or 40k dont remember. retired(66). they need to eat and pay there bills and maybe start a business. well they want to withdrawal the money and put it in there bank account, but im not sher if thats a good idea. I mean wont they get TAX. I herd somthing about IRA but not sher what it is. is there a way they can withdrawal money every month or so. maybe half or so. i dont know please help
ez
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Wed Feb 22, 2006 3:29 am |
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ZAMORA
New Poster
Cash: $ 0.45
Posts: 2
Joined: 22 Feb 2006
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thank you guys.I appreciate your help.its a little hard for me to understand this money talk(por vocabulary). I need to get my self a dictionary.
I found out they have 45K.I was right 66 years of age.they think its tax free and there going to get to keep everything. Im sure there not. like you guys say there going to be tax .I bet 25% tax right. thats a total of..hmm...not much money.
again thank you for the tips ad links.
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Thu Feb 23, 2006 3:19 am |
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coaster
Senior Advisor
Cash: $ 1358.20
Posts: 6687
Joined: 11 Oct 2005
Location: Wisconsin
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When money is distributed from a 401(k), the plan administrator sends a form 1099 at the end of the year to show how much money was reported to the IRS.
~Tim~
Eye Candy : Why Whimsy
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Thu Feb 23, 2006 3:45 am |
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