I am on Social Sec, had to Draw $13,000.00 from my mutual fund. Will this affect my Social Security payments??
100569
Hi again, Stef. The $13,000 is not income per se. The interest you made on the principle (the original amount you deposited into the fund) is income. I do not know what you re doing with the dividends you make on the fund. Are you reinvesting it? Unless you are talking big, big, bucks here in dividends, you have no worries. However, I am concerned that you were charged so much for an 8 year old car.
1130058
You can only make cash contributions to a 529 plan. You'll end up recognizing the income.
1149314
If you do you will incur penalties for early withdrawal!! You must contact the company you have your 401k to arrange it. If you do not know ask your employer
1098393
If using hardship withdrawals for other non-house purposes is not allowed by your plan, your action is a violation of IRS regulations.  Here are the possibilities.\n\n1)  You could be asked to immediately repay the $8,000, or possibly just the $4,000.  If you are unable to repay, it can be deducted from your wages.\n\n2)  It could be reported to the IRS as additional untaxed income, causing your taxes to go sky high.\n\n3)  If you are in a position of authority, and you refuse to correct the problem, the plan could be "disqualified", causing taxes on all the plan money for the whole company to become due.  As an alternate, the company may be liable for an initial excise tax of 15% of 4,000, and 100% of 4,000 for every following year unless it's corrected.\n\nDon't mess with your retirement plan.  It's REALLY bad news.
318921
ohh don't get me started on the social security issue it pisses me off. i'm losing like a grand a year for someone else and the money won't even fuckin be there when it's my turn. there was actually a bill up for approval that would have allowed you to have your personal social security but it was rejected.
1041559
It depends upon your age. If you are what is to be considered "full retirement age" (for example, if you are 70 years old) you can earn as much as you want without paying taxes on your social security income.\n\nYou are allowed to retire as young as age 62 and collect partial social security benefits, but your social security will be reduced by $1 for every $2 that you earn above a certain limit.\n\nFor more information, contact your local Social Security office or go to their website at http://www.ssa.gov\n\nGood luck!
23009
Good luck, at the rate things are going you can forget about SS completely.  Anyway, this website has a calculator to help you figure it out.\n\nhttp://cgi.money.cnn.com/tools/retirementplanner/retirementplanner.jsp
1017189
First of all, it depends on whether you plain to file Chapter 7 or Chapter 13.  A Chapter 7 is a reorganization of your debt, usually without interest and, frequently, paying less than you actually owe.  Chapter 13 is a complete discharge of your debts.\n\nIf your retirement funds are in savings, stocks, bonds, etc., that money can and will be used.  However, any pension and/or social security you may receive are safe.  Under ERISA, these monies cannot be taken.\n\nNote to SHOSHIDAD -- bankruptcy is filed in federal court -- why would state rules apply?
1112074
I can't tell you much except sympathize with your situation, and tell you from personal experience that whether social security grants or refuses your claim has nothing to do with your condition.  They twice refused my husbands claim when he was diabetic, had two heart conditions, a half dozen other problems, and within a year was declared 140% disabled by the V.A.  They want you to hire a lawyer, and assign up to a third of your benefits pending to him.  I believe it is crooked as can be.  I knew people with arthritis and little else to agree to the lawyer rip off and get S.S. about the same time.  All I can tell you is they will answer for it.  Cold comfort when you're broke and hurting, isn't it.  Try a Church for immediate help, and probably better agree to their rip off.  You usually get it when you do.
73084
Absolutely. Just keep paying against what you have on time. Single biggest factor impacting score is payment history. Next, if you have the ability, is paying down revolving credit like credit cards and the like. No need to pay them off - but if you keep them below 33% of the approved limit, you'll see your score rise.\n\nIncreasing income, by the way, has no impact on score.
277942
Understanding Capital Gains on Mutual Funds\nOften when tax season nears, mutual fund investors become confused. Why do we have to pay taxes on a fund that had a losing year? \n\nBy law, mutual funds must declare distributions each year. These distributions represent a profit the fund made when selling securities. Every year, usually in December, the fund will pay out these gains to the shareholders in the form of income dividends and/ or capital gains. \n\nEven in years with negative returns, mutual funds can, and must, pay out distributions. Capital gains are calculated by taking the price you sold the security for and subtracting your purchase price (cost basis). It doesn't matter if the securities that the fund held were doing poorly, all that matters is that the fund sold the security at a profit and must now pay out the profits in the form of a distribution, which is a taxable event for the shareholder. \n\nTo better understand how this could happen, imagine your fund bought a security in 1997 for $15 a share. \n\nSponsored Links\nHighest Savings Rate.\nCroft APY. No mins. No fees. No accounts.\nwww.double-fx.com\n\nIndia properties for sale\nExcellent properties available at great locations. Contact now!\nClassifieds.Sulekha.com\n\nCapital Gains Tax\nLooking for Capital Gains Tax? Get more information here.\nwww.toseeka.com\nAt the start of 2000, the security was worth a total of $30 a share, but the fund ended up selling the security for only $25 a share. This is a loss for the year, but an overall profit of $10 a share. Another possibility would be for the fund to sell the security for $35 a share, which is a gain even for the most current year, but the rest of the funds holdings went sour and created a losing year for the fund. This fund would still be forced to pay out capital gains on the security that they sold. \n\nWhat if the fund has capital losses? \n\nIt is possible that the fund did not make a profit off selling its securities. In the case of capital losses, the fund would not pay out a distribution (although they could pay income distributions). The fund would apply the loss to future capital gains. \n\nWhat if I signed up to automatically reinvest the dividends? \n\nThis is still considered a taxable event. Reinvested dividends are treated as cash payments. \n\nWhat if I bought the fund one day before the distribution was declared? \n\nSorry, but you are out of luck. It doesn't matter whether you held the fund for one day or for 10 years, you are still stuck with paying taxes on the distribution. This is why advisers usually recommend that you never buy a fund right before it pays a distribution. The distribution does lower the net asset value (NAV), allowing you to deduct it when you sell the fund, but paying the taxes sooner rather than later prevents you from gaining investment income on the amount that is taxed. \n\nWhat if my mutual fund is in an IRA or 401k plan? \n\nIf you find yourself in this situation, there is no need to worry. Taxes do not affect a non-taxable account. Uncle Sam will have to wait until you start taking money out of these accounts (the Roth IRA is an exception
474044
There is currently a YEARLY surplus of Social Security  withholding that is being generated by boomers being at their highest lifetime earning levels, and a not-yet increased demand for Social security payments.  It is decreasing fast.\nThis surplus is 'borrowed' into the general budget of the United States.\nIn order to pay Social security back, taxes would have to be increased, because...we just borrowed that money from ourselves.\n\nIf people stop contributing into Social security and start putting money into Individual Investment accounts, the Social Security payments will not have enough SS withholding to pay them - in other words, the people who paid into Social Security all their lives would face a insolvent fund.\n\nOnce you put your money into a Social Security personal investment (with a contracted outside investment company) your investment has the same pitfalls that private investing has.  It can suddenly lose half it's value during a market correction, it can be lost entirely should the country go through one of the downturns that usually happen about every 50 years...\n\nPanics, recessions and Depression are cyclical economic downturns that have roiled this country on a regular basis since it's birth.  They are characterized by bank failures, bankruptcies, foreclosures, business failures, and declines in property values.  Before the very recent creation of Social security, the term for retirement during an economic downturn was PAUPER.
143087
The government has already made it clear that the burden of responsibility for your financial future is on you. This started back with the creation of the 401k and other defined contribution plans.\n\nAmericans need to wake up! We have a pitiful savings rate as a country. It just turned Negative!! Social Security should be privatized and saved, but no-one should make the mistake of thinking that their social security retirement benefits will be enough.
304477
Just fill out the form for lump sum distribution.  Please be aware you might be penalize for early withdraw and also consider the tax consequences.
128230
I always thought that you needed to supply your SSN before a credit report is released. Possibly someone got ahold of your SSN, thats financial fraud. Never give anyone your SSN. Check with the local bank or the Dist. Atty. in your area. Hope things turn out good for you.
830842
In 1936, the federal government published an informational pamphlet on Social Security.  It stated:   \n\n"…and finally, beginning in 1949, 12 years from now, you and your employer will each pay 3 cents on each dollar you earn, up to $3,000 a year.  That is the most you will ever pay."\n\nhttp://www.ssa.gov/history/ssn/ssb36.html\n-----\n\nHELL YES !!!\nBut I guess I'm just too stupid to take care of myself, so politicians will do it for me.  Yep, I'm too stupid to save my money properly.  Yep, I'm too stupid to buy the proper insurances to protect myself from unforeseen events.  Yep, I'm just too stupid.\n\n.
897653
Your investment is in an IRA so there won't be a taxable distribution (unless you pull the money out of the investment).  Sometimes there can be account closure fees that mutual funds may charge or the financial institution you are working with.  If you are in a bad investment, it can be worth any fee to move into a stronger investment.  Look for long-term results rather than just the past 3 or 5 years.  Good Luck.