Archive for September, 2008
Sep Ira Deadline
September 30th, 2008
Question: what is the SEP IRA deadline date for 2007?
Answer: A pril 15th or the day you file your taxes.
Reeling in the Years 1998-2
Sep Ira Hardship Withdrawal
September 23rd, 2008
Realities as to How Our Soldiers Are Treated By UK PLC Part 2
Posted in SEP IRA Withdrawals | 
Tags: deadline, hardship, ira, maximum, sep, sep ira hardship withdrawal | 
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Sep Ira Loan
September 14th, 2008
Question: Can you use a SEP-IRA to pay off student loans?
My employer deposits my profit sharing into a SEP-IRA. I was wondering if it’s possible to use some of the funds to pay off existing student loans? If it is possible, does anyone know if there will be any penalties or taxes due?
Answer: There would be stiff monetary penalties to draw out that money – it would be taxed as ordinary income, then a 10% penalty for the early withdrawal as well as others – the employer has to retain a certain percentage too for taxes? I believe. The biggest unseen penalty is the loss of time your money has to grow over the course of time if withdrawn. I would expect your student loans are at low interest rates and are tax deductible. Tough it out and keep saving for your old age!! Good Luck!
Robert Kiyosaki & Jason Hartman on The Creating Wealth Show #3 of 5