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Roth IRA for Kids: Why Your Kid Needs a Roth IRA?

Roth IRA for Kids: Why Your Kid Needs a Roth IRA?

Most people do thin think of a Roth IRA as a way to save for their children’s future. 529 plans are popular but don’t come close to the advantages of using a Roth IRA. No age restrictions Contributions grows tax-fee Contributions can be withdrawn at any time without...

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How to Use Your 401(k) to Buy a House?

How to Use Your 401(k) to Buy a House?

Are you short of funds to buy your home? Down payment is the biggest entry barrier to buying a house. If you are having difficulty in accumulating funds for making a down payment, you may look at a 401(k)-retirement fund as a convenient cash sourcing option. Can you...

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Understanding Marginal VS Effective Tax Rate

Understanding Marginal VS Effective Tax Rate

The United States has a progressive tax system. What this means is the more money you earn, the more income tax you will pay. There are currently seven tax brackets ranging from 10% to 37%. If you are single and earn $35,000 per year, your tax rate is 12%. If you are...

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Pension Rollover to IRA: Rules, Pros, Cons and More

Pension Rollover to IRA: Rules, Pros, Cons and More

Can you roll over a pension plan into an IRA? Yes, provided it meets two criteria: the pension plan is a "qualified employee plan" (if you've been deferring tax on your contributions, your plan is most likely a qualified plan), and you must have left the company or...

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How Can I Get My 401(K) Money Without Paying Taxes?

How Can I Get My 401(K) Money Without Paying Taxes?

How are 401(k) withdrawals taxed? When you take distributions from a regular or traditional 401(k), they are treated as normal income and subject to income tax. Since your contributions to traditional 401(k) were paid with pre-tax dollars, you are liable to pay taxes...

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How Many IRAs Can You Have?

How Many IRAs Can You Have?

Individual retirement accounts are very popular and make up a third of the retirement assets in the U.S. As of the end of 2017, out of the $28.2 trillion in total retirement assets, Americans held $9.2 trillion in IRAs. IRAs are popular because they offer a way for...

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401(K) Rollover to IRA

401(K) Rollover to IRA

If you have changed jobs, it's important to understand the several options you have with your old 401(k) retirement account. Typically, you have four options: You can cash it out Leave it as and where it is Transfer it into your new employer's 401(k) plan (if one...

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When Can You withdraw from 401(K)?

When Can You withdraw from 401(K)?

401(k)s are tax-advantaged retirement savings accounts, and many Americans pour money into them every year. Generally, if you withdraw from your 401(k) before age 59 ½, you are likely to attract income tax and a 10% penalty on the amount that you withdraw, in addition...

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How Does 401(k) Withdrawal Affect Tax Return?

How Does 401(k) Withdrawal Affect Tax Return?

Most 401(k) plans are tax-deferred, which means there is no income tax on contributions or earnings until the owner decides to withdraw it. However, a Roth 401(k) is a little different. In a Roth 401(k), the contributions are taxed, and the withdrawals are tax-free....

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