In today’s video, we’re discussing what you need to know regarding the tax implications of these rollovers... Links Mentioned In Video: 401(k) Rollover Guide Popular 401(k) Videos 🔴 401k Losing Money??? [What To Do NOW] : 🔴 #1 401k rollover Mistake to Avoid: 🔴 How to Read a 401k Statement: 🔴 Why you Should Care About Your 401k? [Must Watch]: ✅ SUBSCRIBE to NOT being a transaction ever again... ✅ Like us on Facebook! ✅ Follow us on Twitter! ✅ Check out our site for more tips So, what are the tax implications of 401(k) rollovers: Taxes ARE due on every withdrawal from your 401(k). This will be counted as normal income in the year you withdraw the funds. Taxes ARE NOT due on a DIRECT rollover from your 401(k) to an IRA account. Since the funds transfer from custodian to custodian, there will be no tax consequences. Taxes ARE WITHHELD from EVERY INDIRECT rollover of 20%. An indirect rollover is when the custodian sends you the rollover check, and you have 60
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)