Early Withdrawal

Archive for March, 2008

Maryland Retirement Distribution Guide to 401k Rollover to

Question: IRA Accounts: Can you withdraw from a traditional IRA for college?

A link is what I’m looking for here, but any comments are more than welcome. I know that withdrawals can be made for Roth IRAs up to what has been deposited, for a first house, and for colleges. Do the same or any of these conditions apply to the traditional IRAs? My dad doesn’t understand the system, and is having problems paying for my sister’s college. Thanks!

Answer: Go to www.irs.gov and search for Publication 590, Individual Retirement Arrangements, to confirm the information I’m sharing with you. The IRS server is really overloaded right now, so you might have to be persistent in trying to access the information.

You can withdraw from a traditional IRA to pay for higher education expenses without paying the normal 10% tax penalty; however, the amount withdrawn may be subject to regular income tax.

If your father was able to take a tax deduction at the times he made his contributions, then the amounts withdrawn have not been taxed previously and would be subject to tax in the year he takes the distribution. If your father made non-deductible contributions to his traditional IRA, then only the portion of the withdrawal that represented the earnings would be subject to income tax.

Bring It On: IRAs – CBN.com

Question: where to look for 401k rollover information?

Would my previous company have any information about my 401k . I took my 401k when I left and rolled it over with a Bank into a IRA . I have called and written to the bank and the company and all I can get is one statement showing a withdrawal . I made 2 withdrawals from my 401k and want to know what tax was witheld . I dont have any paperwork everything was damaged in a flood .This all happened years ago now I need it as the irs says I owe more money .where else could I look for information right now I am searching some old bank records .

Answer: The administrator of the 401K from the employer you left should have the information showing your disbursement. The bank with the new IRA should have copies of the 1099r the sent you showing the disbursements.

Citigroup Warns Customers It May Refuse To Allow Withdrawals.wmv