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Sect 529 Plan Funds Not Used For Education
User Photo Harold Goedde
Tax Professional Level: Tax Enthusiast

First, prepare form 1099Q, "Payments for Qualified Education Expenses under Sects 529 and 530." Enter gross distributions, earnings, basis, and qualified education expenses paid with the funds. Enter the funds...   Read More
I Am Considering Withdrawing Money From My 401K (I Think It Is An IRA Now, Because I Don't Work At That Company Anymore) To Pay Off Debt....
User Photo William Keats
Tax Professional Level: Master Tax Advisor

It all depends on how much you withdraw from your IRA (assuming you rolled over your 401(k) into an IRA), as well as your other income and your age. If you are younger than 59 1/2 years old you could be hit with a...   Read More
0 0 401K IRA
I Inherited A Qualified Retirement Plan From My Deceased Spouse's 401K Plan. Do Minimum Distribution Rules Apply To The Inherited Account...
User Photo William Keats
Tax Professional Level: Master Tax Advisor

Yes, minimum distribution rules apply if the deceased spouse had been required to take distributions had she lived.   Read More
My Brother-in-law Worked At Shuffle Master For 10 Years And At 65 Has Accumulated A 401k That He Would Like To Liquidate In Order Buy A...
User Photo William Keats
Tax Professional Level: Master Tax Advisor

He can liquidate the 401K at 65 without a penalty, if the trustee plan allows the withdrawl. If he is not retiring, he should leave the 401K alone, and take a mortgage. Mortgage rates are low right now. Some...   Read More
I Need To Move My 401K From A Past Employer, What Is The Best Way To Do That So I Don't Get Hit With Huge Fees? Where Is The Best Place To...
User Photo Lisa Nason CPA, MST
Tax Professional Level: Tax Enthusiast

A direct rollover is probably your best bet. Find a good financial advisor - open up an IRA account - it will usually be coded as a rollover account. The adviser can assist you with where to invest the actual...   Read More
1 0 401K


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