Tuesday 24 July 2012
Your Questions About I Can't Pay All Of My Taxes
Charles asks…at 67(almost 68), I want to rollover my 401k into an IRA. I do receive SS benefits now, do I have to pay taxes?do I have to pay taxes on the amt at the time of withdrawal? It is not a large amount that I have and I need some money to cover some expenses but I can't just withdraw some of the 401k, I have to withdraw all of it. So I thought it best to rollover to an IRA and use some of funds and rollover some.admin answers:There is no tax on the amount that is properly rolled over
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