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Advice on excess 2019 contributions to Roth IRA
Hello all.As I was preparing my tax returns, I realized my 2019 AGI exceeds the IRS income limits for full contributions to a Roth IRA, which carries a 6% penalty for every year the excess along with its corresponding...
Garrett F Anderson
Invest in 401K then withdraw to earn while saving --- a plan
Hello! So I am recently starting a career as an analyst and I need to start making decisions as far as my 401K is concerned. I have this idea that I'm not sure is good/ bad or allowed with 401K's. I will explain my...
Nick B.
COVID-19 IRA withdrawal
Hello BP,I am considering withdrawing money from my IRA pursuant to CARES Act. According to the Act, one has to qualify to be eligible. Besides the obvious qualifiers such as being infected by the virus or losing a jo...
Madan Anand
Down Payment from Pension/401K Funds & How to avoid Income Tax.
Hi, I want to buy a Duplex/Triplex rental property. I have to make down payment at least 20% to avoid PMI 30 Years Fixed Loan. I am retired. How can I save Income Tax for withdrawal of funds for Down payment. Need hel...
Sammy Weinstein
When are taxes due on a cashed out 401k?
Am 60, and have $300,000 with my employer. If I were to cash it out totally, are the taxes due taken out of the $300k straight away, or when I do my taxes next year?
Joshua Myers
IRA Withdrawal and Cost Segregation Question
Alright, I have a question that I can't find information on anywhere. What better place than BiggerPockets to find an answer. So here goes!For 2022 my taxable income is going to be just under 240k which includes; 90k ...
Mike Schultz
Creative Financing Help
Hey everyone! I'm looking for some advice in regards to a property I recently found. The property is listed for $137,000 and I would be purchasing it as an investment property. So, 30% or so down payment. I don't have...
Irving Franco
Offsetting 401k withdrawal taxes
Is away to offset the income tax on a 401k withdrawal that will be used to purchase investment real estate. I know I can move the money into a self directed IRA and going that route, but I’m curious if you can take a...
Kaylee Loomer
How should I be investing at 18?
To be honest this is a bit off the topic from real estate but I am a bit puzzled as to how I should be investing into the stock market. I’ve learned all there is to investing into Roth IRAs, Index Funds and ETFs, but ...
Joey Hicks
401K withdrawal due to Covid 19
Has anyone taken or considered taken the Covid 19 Cares act $100,000 out of their 401k to purchases additional properties? What are you all's thoughts? My thoughts are that you could buy a property and depreciate it o...