penalties for cashing out ira early?
117751
it is a 10 percent penalty plus the taxes.  You can take it out without penalty for education and certain other approved uses.  I would advise against it otherwise.
183155
I am not sure exactly what your question is asking.  If you retire at 55, but need to access your IRA money right away, you should look into IRS rule 72t.  There are a few different methods of doing this and you need to sit down with a tax advisor to make sure that you do it right.  Click this link for an article that has more info\nhttp://ktla.trb.com/business/yourmoney/sns-yourmoney-0403moneytalk,0,7524444.story\n\nGood Luck!!!
55272
To the extent that your losses exceed your gains, you can apply up to $3,000 against earned income. This has the effect of reducing your AGI, which does in turn reduce your tax liability. If you didn't owe any taxes prior to the capital loss being taken into consideration, then yes, including the loss would increase your refund, but not dollar-for-dollar. If you have losses in excess of the $3,000 allowed, you can carry the excess over to next year's taxes.
100055
Yes you can. Check out Equity Trust Company on the web. The ability to shield capital gains from taxes by using your IRA is an incredibly powerful tool.\n\nwww.trustetc.com
950228
First of all, since the money in the fund is pre-tax, when it is pulled out, it is always taxable income.  Nothing at all prevents this from happening.  Therefore, you will add it to your regular income to determine your taxes for the year.\n\nIn addition to that, if you pull the money out before the year in which you turn 59 1/2, you have to pay a 10% penalty.  To avoid the penalty, you:\n\n- must be disabled\n\n- must be deceased\n\n- used the money to pay for medical expenses which exceed 7.5% of your adjusted gross income (the bottom number on the front page of your 1040)\n\nAnother thing you could do is rollover the money into an IRA.  Once in the IRA, you could pull the money out and, to avoid the penalty, you could use it to (in addition to the above mentioned items):\n\n- pay for medical insurance after losing your job\n\n- pay for higher education expenses (tuition, fees, books, expenses)\n\n- pay for the purchase, building, or rebuilding of your first home (by definition, a first home is when you or your spouse had no interest in a home in the last 24 months prior to the purchase of the new home)\n\nAny other withdrawal will suffer the 10% penalty.  All withdrawals will be included as taxable income regardless.  The taxable income usually kills you more than the penalty does.  Try as hard as you can to leave the money in your retirement.  It will be needed when you retire and it is hard to build back up.\n\nBest of luck!
38552
No it is not to late to contribute to a Roth IRA for the 2005 year. You have intil April 17th this year. Because of the 15th falling on the weekend. Just remember do not contribute more than 3000 a person for the year otherwise there will be a penalty.
1016477
Okay, you want to take some $ out & roll over the rest, right?  You get 60 days to roll over your 401K into an IRA or other employer (if your new employer allows this).  So you could partially withdraw what you need for bill to yourself & roll over the rest.  Early withdraw penalties are pretty stiff 10% penalty on $ taken out PLUS it is reported as regular income, keep that in mind.\n\nIf the former employer doesn't allow partial withdraws, then you could take the lump sum payable to you.  They will immediately penalize the 10% PLUS withhold around an additional 20% (~ 30% total) for anticipated taxes.  The only good news for this option: you should get a refund (if all else stays the same) because too much was withheld, IF you put back ALL the $ you withdrew from the 401K within the 60 days into the new IRA or new employer-sponsored plan.  Downside to this: you'll need to have $ laying around to make up the difference that was originally withheld from the old employer to fund the new IRA.\n\nThe less painful way is to do a partial withdraw if the old employer will allow this.  You can also leave the old employer $ with them if they (old employer plan sponsor/administrator) allow this.\n\nHope this helps.
474444
Yes.\n\nAlthough you would be penalized if you withdrew any earnings.\n\ni.e. If you contribute $1000 and it grows to $1200.  You can withdraw the original contribution of $1000, but not the earnings of $200.
755986
An early withdrawal of an IRA will mean severe tax consequences. You may can borrow other money from somewhere to pay your bills but there is no such thing as a Retirement Loan. If you withdraw it before age 59 1/2, you will have to claim it as ordinary income plus there is a 10% penalty tacked on for the withdrawing of it that the custodian (fund co., broker, etc.) must collect for the gov't. For your future's sake, don't do it.  Good Luck!
735662
If you are cashing out, then it would not make a difference if you sell before or after the distrubtion date. However, if you can wait till next year you can differ your capital gains tax.\n\nIf you are putting money into the fund then it is best to invest after the distrubtion date. Typically when a fund pays out (dividends & cap gains) the NAV (Price) drops; however, the number of shares you own increases if you selected for dividend/cap gain reinvestment. In other words,  your total account value will remain unchanged. However, the capital gain distrubtions may be taxable (If not in an IRA), and therefore, it is best to differ your taxes to next year (Assuming that you are in the same tax bracket next year)
627801
No, you can't avoid capital gains tax. Unless it is in an IRA if you sell it you pay taxes. That may not be that bad. If it is a long term gain bite the bullet and pay the 15%. The 15% maximum capital gains tax is a big windfall to someone in your situation. No one likes to pay taxes but in your case it is pay me a little now or a lot later.\n\nIf it isn't a long term gain yet then certainly wait until it is.
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
164153
If you were penalized for taking a CD out early, yes.  You can deduct that penalty on your 1040.
46984
Yes. Its true that you don't have to make withdrawals until you are 70 ½, but most people are looking to start withdrawals earlier than this. Chances are if you are young now you are in a lower tax bracket than you will be in when you retire. \n\nFacts:\n\nYou will be taxed based on the bracket you fall under when you make withdrawals. \n\nSolution:\n\nConsider making contribution to a ROTH IRA if you believe you are in a lower tax bracket now than you will be in when you retire. This is also save because you are getting taxed NOW, so when you go to take the money later it is tax free. It is always a good idea to diversify your money to various funds. In this case you are protected in case the Tax rate increases greatly for some variant reason.
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.
1180526
No, you cannot withdrawl it without a 10% penalty plus ordinary income taxes (probably around 28%). My opinion....you would be beter off rolling that money over into an IRA and just save for a while to raise money for home improvement projects.
117723
You can choose to roll it over for another 12 or 24 months. I believe the interest rates are better this year too, or you can draw it out. I don't think at your age there is any penalty.