SEP IRA

Posts Tagged ‘distributions’

Question: I am having a difficult time figuring out this business math question. could someone please help? thx?

John Smith saw the following advertisement. Could you show him how $179.18 was calculated? (Omit the “$” sign in your response.)
$ ______ ×_______ ×_____ /_______ = $ ________

*As of January 31, 200X, and subject to change. Interest on the 8-month CD is credited on the maturity date and is not compounded. For example, a $5,000, 8-month CD on deposit for an interest rate of 5.45% (5.55% APY) will earn $179.18 at maturity. Withdrawals prior to maturity require the consent of the bank and are subject to a substantial penalty. There is $500 minimum deposit for IRA, SEP IRA, and Keogh CDs (except for 8-month CD for which the minimum deposit is $1,000). There is $1,000 minimum deposit for all personal CDs (except for 8-month CD for which the minimum deposit is $5,000). Offer not valid on jumbo CDs.

Answer: i cant help u

Giro pelo Caldeirão – Vasco 1×0 Guarani

Question: transferring 401k into SIMPLE IRA?

i have a 401k and just got laid off. I also have a 2nd job and have a SIMPLE IRA. Can i transfer the 401k into the ira and if so am i looking at any penalties in doing so?

Answer: not sure about a SIMPLE IRA – you can doa direct rollover to a plain old IRA with no penalty – just make sure the 401k company sends the money directly to the IRA – easiest thing to do is contact the 401k company and tell them you want to roll the money to an IRA WITH THEM – they will do all the work and you won;t get hit with any taxes or penalty

Question: Who is responsible for early withdrawal penalties from a SIMPLE IRA if the employer changes financial agent?

Answer: If you deposit the funds into another IRA within 60 days, it is a rollover, and there are no early withdrawal penalties. If you take the money, you are responsible for the early withdrawal penalties AND income tax on the distribution.