fuggstop Posted August 18, 2018 Posted August 18, 2018 It might be good for me. Cuz i can have money set aside each paycheck for if i lose this job then i dont have to worry about the 33.3% tax penalty...right?
Ginguy Posted August 18, 2018 Posted August 18, 2018 You have the financial skills of a 5 yr old. Roth IRA contributions are made with after-tax dollars, and are generally tax-free when you receive distributions, so long as you meet the requirements and do not withdraw funds that are earned. If you withdraw funds before 59 1/2 yrs and it includes earned funds then you pay not only income tax on the funds but also a 10% penalty.
Naraku4656 Posted August 18, 2018 Posted August 18, 2018 2 minutes ago, Ginguy said: You have the financial skills of a 5 yr old. Roth IRA contributions are made with after-tax dollars, and are generally tax-free when you receive distributions, so long as you meet the requirements and do not withdraw funds that are earned. If you withdraw funds before 59 1/2 yrs and it includes earned funds then you pay not only income tax on the funds but also a 10% penalty. not to defend anyone here, but i'm not sure she means a roth ira. a roth 401k is different from a roth ira. i have a roth 401k and a traditional 401k that takes directly from my paycheck before i even get it, i do not have a roth ira. 1
fuggstop Posted August 18, 2018 Author Posted August 18, 2018 1 minute ago, Naraku4656 said: not to defend anyone here, but i'm not sure she means a roth ira. a roth 401k is different from a roth ira. i have a roth 401k and a traditional 401k that takes directly from my paycheck before i even get it, i do not have a roth ira. Yah....roth 401k. Thanks.
neverkeepchangin11 Posted August 18, 2018 Posted August 18, 2018 it does sound right because it is right. get it together.
neverkeepchangin11 Posted August 18, 2018 Posted August 18, 2018 3 minutes ago, Naraku4656 said: not to defend anyone here, but i'm not sure she means a roth ira. a roth 401k is different from a roth ira. i have a roth 401k and a traditional 401k that takes directly from my paycheck before i even get it, i do not have a roth ira. Roth 401k comes out after taxes on your paycheck. traditional is before taxes.
Neko Posted August 18, 2018 Posted August 18, 2018 401k are taken before tax and incur tax penalties at the time of withdrawl...ira is taxed and is in there for the long run. 401k can be rolled over to an ira.
Naraku4656 Posted August 18, 2018 Posted August 18, 2018 1 minute ago, neverkeepchangin11 said: Roth 401k comes out after taxes on your paycheck. traditional is before taxes. yes...i'm aware of that.
Ginguy Posted August 18, 2018 Posted August 18, 2018 10 minutes ago, Naraku4656 said: not to defend anyone here, but i'm not sure she means a roth ira. a roth 401k is different from a roth ira. i have a roth 401k and a traditional 401k that takes directly from my paycheck before i even get it, i do not have a roth ira. Ah. I was unaware that there was a Roth 401k. I simply assumed Fuggs was ignorantly lumping retirement account terms together. Go figure.
neverkeepchangin11 Posted August 18, 2018 Posted August 18, 2018 10 minutes ago, Naraku4656 said: yes...i'm aware of that. just adding to your comment since it seemed like you were saying the ira and 401k are vastly different. the important bit is the roth. didnt want that to get muddled
Naraku4656 Posted August 18, 2018 Posted August 18, 2018 7 minutes ago, neverkeepchangin11 said: just adding to your comment since it seemed like you were saying the ira and 401k are vastly different. the important bit is the roth. didnt want that to get muddled Ah ok
Naraku4656 Posted August 18, 2018 Posted August 18, 2018 15 minutes ago, Ginguy said: Ah. I was unaware that there was a Roth 401k. I simply assumed Fuggs was ignorantly lumping retirement account terms together. Go figure. Doesn't matter I'll lose it all to some bullshit future tax
fuggstop Posted August 19, 2018 Author Posted August 19, 2018 51 minutes ago, neverkeepchangin11 said: Roth 401k comes out after taxes on your paycheck. traditional is before taxes. Are withdrawals still penalized ?
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