Synopses & Reviews
Take cash out of your retirement plan while avoiding taxes and penalties
If you have a retirement plan, IRAs, 401(k)s and Other Retirement Plans is your comprehensive guide on taking money out of it. Make sense of the complex tax rules governing when you can take money out of your plan and how much--all while avoiding the penalties and taxes that lurk in the fine print.
In plain English, this book covers the most common retirement plans, including 401(k)s, IRAs, profit-sharing plans, Keoghs, pensions, and tax-deferred annuities. It helps you answer these questions:
What kind of retirement plan do I have?
Can I take money out of my plan before I retire?
Can I borrow money from my 401(k) to buy a house?
What should I do with my 401(k) when I switch jobs?
What is a Roth 401(k)?Can I set one up?
When do I need to start taking money out of my plan?
What happens to my plan when I die? Completely updated, IRAs, 401(k)s and Other Retirement Plans provides clear examples to guide you through the decision-making process and the crunching of tax numbers. Samples of tax forms required by the IRS are also included, as well as easy-to-follow instructions on completing them.
Review
"Depending on the size of the IRA and the age of the beneficiary, it might be smarter to pay the penalty than to liquidate the account simply to avoid the penalty," says Twila Slesnick, author of IRAs, 401(k)s and Other Retirement Plans (Nolo, $34.99). Kiplinger's Retirement Report "A more impressively clear and comprehensive layman's guide is IRAs, 401(k)s and Other Retirement Plans..." U.S. News and World Report "Few resources are as valuable when it comes to financial planning in later life." The Wall Street Journal "Uses everyday language to describe Internal Revenue Service rules for making withdrawals from retirement plans." The Wall Street Journal "This book belongs on the bookshelf of anyone with a retirement plan. Here's where you'll find the answers." Kiplinger's Personal Finance
Synopsis
When you want or need to take money out of a retirement plan--whether you've inherited the plan or you're retiring, buying a house, or just in need of money--this book will help you make the best financial choices. Anyone who is approaching retirement, retiring early, changing jobs, or wondering what to do with an inherited plan will benefit from the advice in this book.
Synopsis
Avoid taxes and penalties with this and practical guide to taking money out of your retirement plan, 401(k), or IRA.
About the Author
Twila Slesnick is an Enrolled Agent who specializes in tax and investment planning for retirees and prospective retirees, and does pension plan consulting for individuals and small businesses. She has conducted numerous seminars throughout the U.S. in the areas of retirement and tax planning. Slesnick has been featured on television and radio programs across the country and in publications including Money Magazine, U.S. News and World Report, Newsweek and Consumer Reports. She is the author (with John Suttle) of IRAs, 401(k)s and Other Retirement Plans: Taking Your Money Out (Nolo). Slesnick has a bachelor's, master's and Ph.D., all from the University of California, Berkeley.John Suttle has been practicing law for 18 years. His practice consists of estate and trust planning; probate administration; federal, state and local tax counseling for high net worth individuals and retirement planning under ERISA. Co-author of IRAs, 401(k)s and Other Retirement Plans, he has served as an expert witness in numerous cases.
Table of Contents
Your Retirement Companion
1 Types of Retirement Plans
2 An Overview of Taxation
3 Early Distributions: Taking Your Money Out Before the Law Allows
4 Substantially Equal Periodic Payments
5 Required Distributions: Taking Money Out When You Have To
6 Required Distributions During Your Lifetime
7 Distributions to Your Beneficiary If You Die Before Age 70½
8 Distributions to Your Beneficiary If You Die After Age 70½
9 Roth IRAs
10 Roth 401(k) Plans Appendixes
A IRS Forms, Notices, and Schedules
B Life Expectancy Tables
Index