IRAs, 401(k)S & Other Retirement Plans: Strategies for Taking Your Money Out - Softcover

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 & Other Retirement Plans (Nolo, $34.99). Kiplinger s Retirement Report "A more impressively clear and comprehensive layman's guide is IRAs, 401(k)s & Other Retirement Plans..." U.S. News & 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"

Take cash out of your retirement plan while avoiding taxes and penalties

If you have a retirement plan, IRAs, 401(k)s & 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 & 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.