Welcome! | Ask A Question
Asked 10/15/2011
|
Can you help me rectify a financial mistake? This May I inherited 67000 dollars. My financial advisor recommended that I put the money into a Registered Retirement Savings Plan in June of this year. I am Canadian and this money was a tax free gift from a relative. I will have to begin withdrawing this money within the next two years and it will be considered income and therefore taxable. I am still working and plan to continue for the next 5 years. Because I am not retired this mandatory withdrawal will be taxed at very high rate. Can I reverse this contribution now before the end of the taxation year? |
Type your Answer in the box below and post your answer.
Related Questions (Ask a New Question)
By mistake i had my old 401k sent to a savings account. it is within 60 days, the old 401k took out taxes and i wan to move it into my new 401k will i be pentalized next year?
I am 57 and in a bit of financial difficulty. i have a 401k from a former employer. can i make a withdrawal without too much difficulty and what are the penalties?
Can i take a financial hardship from my 401k to help purchase a mortgage without my name being on the contract? and will putting it on the deed be sufficient?
|
By mistake i had my old 401k sent to a savings account. it is within 60 days, the old 401k... |
|
57 & and in financial difficulty I am 57 and in a bit of financial difficulty. i have a 401k from a former employer. can i... |
|
Can i take a financial hardship from my 401k to help purchase a mortgage without my name being... |
|
Can the company i work for transffer my 401k/funds to a new financial group, if i want to... |
|
Will legal separation qualify my husband for low-income subsidy program in texas? My husband needs financial assistance with his co-pays for his prescription medications in... |
|
If i already filed my taxes and h&r block has made a mistake about a pentalty on my 1099 form... |
Ask A Question
Ask a new question about
401k:
About
| Contact Us
| Membership Agreement
| Privacy Policy
| Site Map
| Advertise on this Site
Copyright © 401kQuestions.net 2012. All rights reserved.