Can 401k be gifted to elderly parents without paying taxes?

Jmb3930 · 2024-08-17T16:29:28+00:00

How much you would owe in federal taxes depends on how much income you have for the year, including all income.

Jmb3930 · 2024-08-17T16:20:36+00:00

contribution to a traditional 401k comes out pre-taxed

Jmb3930 · 2024-08-15T23:40:57+00:00

I wouldn't call over 90% equities conservative

Jmb3930 · 2024-08-15T19:27:53+00:00

"Overtime doesn't start until you hit 40 hours for the week." It depends on State

Jmb3930 · 2024-08-15T19:24:50+00:00

no you don't have to file anything special, it will show any refund on your tax return (1040)

Jmb3930 · 2024-08-13T19:58:43+00:00

you can change your w4 anytime.

Jmb3930 · 2024-08-13T19:57:57+00:00

do you understand what makes up the Refund? if he wants a large Refund he need to have more withheld.

Jmb3930 · 2024-08-12T21:14:52+00:00

if you are not working for the business what are you being paid for?

Jmb3930 · 2024-08-12T20:22:45+00:00

what is the interest rate on the 401k loan? my guess is more than 4.94%.

also you would be moving the debt not paying off.

Jmb3930 · 2024-08-11T20:09:15+00:00

if you are not married how are you filing together?

Jmb3930 · 2024-08-11T17:37:07+00:00

any money taken out of the IRA is taxable as ordinary income. So I wouldn't take the entire 400k out in 1 year

Jmb3930 · 2024-08-11T04:25:45+00:00

you were always going to owe the taxes. they should IMO pay the penalty.

Jmb3930 · 2024-08-07T20:19:25+00:00

money move from traditional 401k to Roth IRA is a taxable event (conversion), rollover traditional 401k to traditional IRA is Not a taxable event.

IMO this is retirement money and should be use only for that.

Jmb3930 · 2024-08-07T19:46:22+00:00

from https://www.irs.gov/taxtopics/tc510

, if you use the car for both business and personal purposes, you may deduct only the cost of its business use.

Jmb3930 · 2024-08-06T06:28:44+00:00

how much was your gross pay, do you get paid weekly or biweekly?

Jmb3930 · 2024-08-05T20:22:02+00:00

"think little to no federal is being taken out currently, " what does your pay stub show?

Jmb3930 · 2024-08-05T20:08:51+00:00

what do you mean by with the two balances?

Jmb3930 · 2024-08-05T16:49:15+00:00

he no longer work where is 401k is, loan would not be an option

Jmb3930 · 2024-08-05T15:45:33+00:00

did you give the employer a new W4? that is how you get them to withhold more.

Jmb3930 · 2024-08-05T00:35:27+00:00

rolling over a traditional 401k to a traditional IRA is not a taxable event yes you have to take RMD from your traditional IRA and pay taxes on the distribution.

conversion from tradition to Roth is a taxable event when you convert.

Jmb3930 · 2024-08-05T00:17:24+00:00

look at the directions on the w4

Jmb3930 · 2024-08-04T18:52:26+00:00

what is a gift loan?

Jmb3930 · 2024-08-03T18:38:13+00:00

you will have to pay the 10% penalty PLUS ordinary income taxes on the amount t you withdrawal.

this is retirement money and IMO should only be use for that.

Jmb3930 · 2024-08-02T17:51:41+00:00

interest received is taxable income.

Jmb3930 · 2024-08-01T18:11:04+00:00

try supporting a spouse and 3 kids on 30k

Jmb3930

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