tax withholding is optional, although some states require state tax be withheld
Things to keep in mind. Obviously, you may owe money with your 2009 tax return, you may be subjected to a 10% penalty for a premature withdrawal, you probably have 60 days to use the money and roll it over into a new IRA without tax consequence or penalty and you may be subjected to an underpayment of estimated tax penalty (the estimated tax penalty is usually not significant).
Sometimes there are better options to people that they're not aware of or don't think about. It's important to have a discussion with a tax or financial professional to see if there are less costly options available to you.
Things to keep in mind. Obviously, you may owe money with your 2009 tax return, you may be subjected to a 10% penalty for a premature withdrawal, you probably have 60 days to use the money and roll it over into a new IRA without tax consequence or penalty and you may be subjected to an underpayment of estimated tax penalty (the estimated tax penalty is usually not significant).
Sometimes there are better options to people that they're not aware of or don't think about. It's important to have a discussion with a tax or financial professional to see if there are less costly options available to you.
There is that 10% hit, but I believe if you want to purchase your first home that you can withdraw the money penalty free.
There was also some talk about making it so that you can withdraw IRA money and roll it over into a Roth.... with the great satan/lawyer/taxes/printing press/future inflation/morality guy in office now, having tax free money in the future when taxes will surely be higher might not be such a bad thing.
Then again, I have a suspicion that in the future SS will only be for (irresponsible) old people who "need it", while those of us saving in 401k's, IRA's and Roths will be "lucky", "privledged" and we won't get any SS.
There was also some talk about making it so that you can withdraw IRA money and roll it over into a Roth.... with the great satan/lawyer/taxes/printing press/future inflation/morality guy in office now, having tax free money in the future when taxes will surely be higher might not be such a bad thing.
Then again, I have a suspicion that in the future SS will only be for (irresponsible) old people who "need it", while those of us saving in 401k's, IRA's and Roths will be "lucky", "privledged" and we won't get any SS.
Good point.
I think if they did that ( and Cristina in Argentina wants to do that), it would cause a huge uproar, but then again so is a lot of Obama's proposals causing tax tea parties and protests.
I'm not at the point of cashing out and leaving the country yet, but I'd heavily consider it if we keep moving down this path to socialism and a lack of property rights and freedoms.
You know, all these taxes are the same as they were 120 days ago and I never saw you 2 on here threatening to leave the country if the Bushies didn't quit waging war and awarding outrageous no-bid contracts to incompeteant Texas companies.
So now that all this ruin has been brought down on our heads we are lucky enough to have an administration that is honestly trying to get things right and here you are with all your disingenuous whining.
I think if you want to leave it would be best for all concerned.
The Obama administration is honestly trying to get things right... by solving our huge debt problem by issuing a massive debt problem that dwarfs our current debt????
By flip flopping on numerous positions that are actually the exact same positions as Bush?
His military positions are the exact same as Bush, but his fiscal positions of a socialist.... He's a Libertarian's worst nightmare.
By flip flopping on numerous positions that are actually the exact same positions as Bush?
His military positions are the exact same as Bush, but his fiscal positions of a socialist.... He's a Libertarian's worst nightmare.
I think all the liberals should go to Europe...
the thug bunnies could go to 3rd world countries
the true conservatives and people that want to work hard and live in peace could live in the country OUR... OUR founders created.
Your people were in England under the crowd... we fucking murdered you that came after us after we succeeded from England. WE WON.... We had thousands of brave men die fighting for freedom, and now we are losing those freedoms without firing a single shot.
It makes my heart bleed.
the thug bunnies could go to 3rd world countries
the true conservatives and people that want to work hard and live in peace could live in the country OUR... OUR founders created.
Your people were in England under the crowd... we fucking murdered you that came after us after we succeeded from England. WE WON.... We had thousands of brave men die fighting for freedom, and now we are losing those freedoms without firing a single shot.
It makes my heart bleed.
