Timothy Sumer

If you've recently gotten laid off, or left your job for another reason, what should you do with your old 401(k) funds? Cash out, move to a new employer plan, roll them over to an IRA? Adam Bergman explains your options. -- A Simple guide to the 401(k) - -- Discover more videos by IRA Financial: Subscribe to our channel: -- About IRA Financial: IRA Financial Group was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(k) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions. IRA Financial Group is a retirement account facilitator, document filing, and do-it yourself document service, not a law firm. IRA Financial Group does not provide legal services. No a...

In addition to other coronavirus-related relief, the CARES Act impacts retirement account owners' required minimum distributions, penalties on withdrawals and IRA contribution deadlines. Learn more at www.mtrustcompany.com.... ( read more ) LEARN MORE ABOUT: Qualified Retirement Plans REVEALED: How To Invest During Inflation HOW TO INVEST IN GOLD: Gold IRA Investing HOW TO INVEST IN SILVER: Silver IRA Investing The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, provides significant relief to individuals and businesses affected by the COVID-19 pandemic. The CARES Act also includes provisions that impact Individual Retirement Accounts (IRAs) and other retirement plans. Here are some of the ways the CARES Act impacts IRAs and Retirement Plans. Waiver of Required Minimum Distributions (RMDs) The CARES Act temporarily waives the requirement for individuals over the age of 72 (or who turned 70 ½ before J...

When an employee unexpectedly loses their job and needs access to cash to continue to pay their bills, it’s not uncommon for them to elect a cash distribution from their 401(K) account. Still, they may regret that decision when the tax bill shows up the following year and then they owe thousands of dollars to the IRS in taxes and penalties that they don’t have. But I get it; if it’s a choice between working a few more years or losing your house because you don’t have the money to make the mortgage payments, taking a cash distribution from your 401(k) seems like a necessary evil. If you go this route, I want you to be aware of a few strategies that may help you lessen the tax burden and avoid tax surprises after the 401(k) distribution is processed. In this article, I will cover: • How much tax do you pay on a 401(K) withdrawal? • The 10% early withdrawal penalty • The 401(k) 20% mandatory fed tax withholding • When do you remit the taxes and penalties to the IRS? • The ...