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What is Safe Harbor 401(k) retirement plan?
about 1048 days ago - | Posted in : 401k, Q & A, Retirement
A safe harbor 401(k) plan is also the same as a traditional 401(k) plan. The main difference compared to traditional 401(k) plan is the contributions from the employers to the employees are 100% vest...
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What is Traditional 401(k) retirement plan?
about 1048 days ago - | Posted in : 401k, Q & A, Retirement
A traditional 401(k) plan allows eligible employees to make pre-tax contribution to the plan through payroll deductions. The employers may choose to contribute to match some amount of employees’ el...
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What types of 401(k) retirement plans are available?
about 1048 days ago - | Posted in : 401k, Investment, Q & A, Retirement
Initially, the tax-deferred 401(k) retirement plans are traditional 401(k) plans, safe harbor 401(k) plans and SIMPLE 401(k) plans.
Starting from 2006, another type of 401(k) retirement plan is avai...
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What is 401(k) retirement plan?
about 1048 days ago - | Posted in : 401k, Investment, Q & A, Retirement
The 401(k) is mainly a employer-sponsored retirement plan that allows the employees to contribution portion of the cash salaries pre-tax up to the limit regulated by Internal Revenue Code (IRC). The ...
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1.8 I tried to rollover my traditional IRA to another, but I couldn’t because of “Frozen Deposit”, what should I do?
about 1049 days ago - | Posted in : Q & A, Retirement
Any deposit becomes Frozen Deposit and can’t be withdrawn from a financial institution because either the financial institution is bankrupt or insolvent or the state where the institution is locate...
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Why I couldn’t take the deduction for the contribution to my Traditional IRA?
about 1049 days ago - | Posted in : 401k, Q & A, Retirement
I got a letter from IRS, which says I can deduct the contribution to my Traditional IRA in my tax return. My situation is: I contributed $4000 to my Traditional IRA. And I filed tax return as married...
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Who is the disqualified person in Traditional IRA?
about 1049 days ago - | Posted in : Q & A, Retirement
The disqualified person is one of the following:
• The IRA account owner
• The IRA account owner’s spouse
• The IRA account owner’s ancestor(s), like parents and grandparents
• The IR...
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I still have enough money in my savings for my daily expense, may I keep my Traditional IRA intact?
about 1049 days ago - | Posted in : Q & A, Retirement
You could. But the Required Minimum Distribution (RMD) must be withdrawn from your Traditional IRA no later than April 1,which is referred as the required beginning date, following the year you reach...
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Early distribution?
about 1049 days ago - | Posted in : Q & A, Retirement
If you take money out from your IRA accounts when you’re younger than 59 ½, it’s called Early Distribution. It may be subject to additional 10% tax unless it falls under some exceptions.
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I’m 71 years old and still working, can I continue contributing to my Traditional IRA?
about 1049 days ago - | Posted in : Q & A, Retirement
No. If you make contribution to your Traditional IRA for the year you reach 70 ½ or older, those contributions are called excess contributions and are subject to a 6% tax.
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I don’t have any income, can I make contribution to my Traditional IRA?
about 1049 days ago - | Posted in : Q & A, Retirement
According to the Spousal IRA Limit, if you’re married and file Married Jointly as tax return, then you may be able to make contribution to your Traditional IRA if the following requirements are met...
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I don’t have enough cash to make contribution to my traditional IRA, may I use the securities I own instead?
about 1049 days ago - | Posted in : Q & A, Retirement
No. The contribution must be the form of money like cash, check or money order unless it’s rollover from other IRA accounts, then it could be any kind of asset.