If you begin 72t withdrawals from an IRA, can you take additional distributions for education for the same IRA
26943
It appears that the question period has expired.  If you have received an answer that meets your needs, please choose one of those as a 'best answer.'  If you haven't received a good answer for your question, you may want to consider the following,\n\n1) Re-post your question.  Newer questions get more activity on Yahoo! Answers than old ones.\n2) If you do re-post your question, consider why it wasn't answered the first time.  Could it be more specific?  Could it be worded better? Were there grammatical or spelling errors? Was it in the best category?\n\nIf it doesn't seem likely that re-posting your question will help you, then here's a listing of my favorite 'answer sites'.  Maybe one of them will help you.\n\nAnswers.com http://www.answers.com/\nBartleby http://www.bartleby.com/\nYahoo Reference http://education.yahoo.com/reference/\nHowStuffWorks http://www.howstuffworks.com/\nWikipedia http://en.wikipedia.org/wiki/Main_Page\n\nSince I really haven't answered your question, it is not necessary to give me any points.  Regards.
742987
Check with your HR or Benefits department, but generally speaking you can not cash out your 401(k) unles you seperate from service first.  The only alternative is a loan, but that could become messy if you wind up leaving before you pay it back.\n\nIf somehow your plan allows early distributions prior to retirement or seperation of service, then the other answers are correct.  If you receive a check directly from the plan, then by law they have to withhold 20% for taxes.  The entire distribution will more than likely be taxable (if you have after tax contributions, then you pay no tax on those) and you will be subject to a 10% IRS penalty. \n\nIf you meet one of the qualifying distribution exceptions for IRAs (first time home purchase, medical expenses, college expenses, etc...) then if you roll your 401(k) into an IRA FIRST and then take a distribution you may be able to avoid the 10% penalty.  You also control the amount that is withheld, so you may be able to keep more of your money.  Again, this is usually only an option if you're over 59 1/2 or if you seperate from service i.e. quit or change jobs.  But you may be able to keep more of your money.  You can open a rollover IRA at any bank, find one that DOESN'T charge a fee for the account.
947919
Your question is not clear.  If you are referring to a roll-over of a 401K or IRA, then the rules are the same regardless of the State, because these are Federal laws.
531660
You should talk to a representative at your financial institution where you have your IRA. They will be more than happy to give you individualized suggestions.
1157487
Paula M is WRONG.\nYou can have all 3.  As VinTek said, your combined contributions in both Traditional and ROTH IRA cannot exceed $4000/tax year.  You can spread this $4000 across any number of accounts you want.\n\nROTH IRA is NOT NECESSARILY better than Traditional IRA as VinTek implied.  For tax purposes, if you want to bring down your AGI, and if you're eligible ( since you're married - filing seperately/Jointly...Your AGI etc. ), you may prefer Traditional IRA today instead of TAX FREE advantage of ROTH IRA down the line.\n\nIf you have patience, you might want to go thru' the link below:\nhttp://www.401khelpcenter.com/2006_limits.html\n\nAlso check out http://www.401khelpcenter.com/
1162040
Yes.  And when you reach three months salary in your emergency reserve, max out your 401 again.
1082372
Since a regular IRA has tax-deffered dollars, you are taxed on all of it if you withdraw it and don't roll it over into another IRA of any type.  You also are penalized 10% of the value of the account if you are younger than 59 1/2.
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.
363169
The answer to this question depends on the plan documents that created the plan. Typically an employee can keep accumulated balances in a 403(b)when leaving employment with a qualified employer. However since all the funds are employer contributions you should check the plan document to see what the vesting rules are, if any. Since you say that you have been employed in Higher Ed for a quite some time its likely that you have satisfied any vesting requirements. Your employer can also give you this information.  \n\nRollovers of 403(b) contributions are usually governed by the plan documents that created the 403(b). It can be difficult to roll the funds over into another qualified 403(b) plan. You cannot roll a 403(b) in an IRA or a Roth IRA.
1009135
You may be able to borrow some from your IRA account but I would not recommend it.  Typically it would be for a home purchase and not home improvements.  Honestly I am not certain so you may want to take a look at publication 590 from the IRA that details out the rules for the IRA in plain english (which helped me quite a bit!)
604703
Find a financial advisor you trust (through interviewing them).  They will provide good investment advice.  Both IRA's grow tax deferred (you don't pay earnings along the way).  The differences are that \n\nTraditional ira- tax write off on contributions, taxed fully when withdraw, can't withdraw b4 59.5yrs old w/o 10% irs penalty and taxed on everything\n\nRoth- all contributions are already taxed (can't use it as a write off), by the time you're 59.5 yrs old (and assuming you had the account at least for 5 yrs) everything is tax free.  You are also allowed to take out the principal at anytime w/o penalty.  Some other rules apply to fully withdraw w/o penalty (i.e. 1st home purchase, higher education, etc.)\n\nAgain, if you have little to no investment experience, DO NOT listen to those hot stock tips, Suze Orman, or whatever is on TV.  By the time you hear of those 20% returns, you're already too late (i.e. real estate).  Please, please work with a professional.
66302
Yes, you can invest in an ira no matter what but if it's a roth you have to take an annual distribution if your over 59 1/2 and if it's traditional then you have to take the annual distribution if your over 70 1/2
125409
If you are still employed by the plan sponsor your withdrawal options may be limited. Read the plan summary you should have received or talk to your HR person. You might be able to take a loan from your account, but it must be repaid within 5 years.\n\nIf the 401k is from a previous employer, then your options are greater. You can roll the account over into a Traditional IRA. This transaction does not trigger any taxation. \nIf you are over 59.5 years old, you can withdraw money from the account. Any amount withdrawn will be taxable to you as income.\nIf you are not over 59.5 and you withdraw money not only will you pay taxes on the amount you withdraw but you will also pay a penalty of 10% of the withdrawn amount.\n\nIf you do not need the money to cover basic living expenses right now, do yourself a favor and roll the money over into an IRA. Work with a financial planner in your area if you would like help deciding upon an appropriate investment strategy.
99863
You can withdraw money from your 401k without penalty at age 59.5. HOWEVER, you can take 72T distributions (named after the IRS Rule 72T) prior to age 59.5 and avoid the 10% penalty. Rule 72T stipulates that as long as the distributions are substantially equal and based on your life exepctancy they will not incur the penalty. The payments must continue for 5 years or you reach age 65.
1097286
It's a bit unclear how your father came by the stock.  Assuming he retired from the RR and wants to liquidate his shares than simply call the RR retirement plan custodian and ask them to liquidate and distribute proceeds.  They may not want to do that and you'll have to roll the shares into a Discount Brokerage House IRA prior to selling and taking a distribution.  \n\nIf you father came by the shares through consultinig or being employed--special incentive than they may/might be restricted and you'd have to check with the RR's Treasurer to find out what those restrictions are/may be prior to liquidating.  Regardless, be aware of the tax consequences of a sale.
148574
Have you already contributed to a retirement plan?  Contributions to a traditional IRA can reduce your taxable income.  The catch-22; once depositing it into an IRA, it will need to remain as retirement funds until retirement or you may pay big penalties to take distributions of the funds.
165091
No.  IRA's may not hold certain classes of assets and closely held corporations are one of them.  Likewise, if you happened to be the Chairman of IBM, you couldn't invest in that either.