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Early Distribution

The Post-55 Exception to the 10% Penalty for Withdrawals from 401(k)

by jblankenship.

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Introducing the age 55 exception for a withdrawal from a 401(k) plan. Penalty free, with some restrictions applied.

10% Penalty Applied to Roth Conversion? Maybe

by jblankenship.

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There are cases where you might get charged the 10% penalty on a Roth conversion. Pay attention to what you’re doing to avoid it!

19? No, 22 Ways to Withdraw IRA Funds Without Penalty

by jblankenship.

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There are now at least 22 ways to withdraw IRA funds without penalty. Otherwise there is a 10% penalty for early withdrawal from your IRA.

More reasons to keep on rolling (to an IRA, that is)

by jblankenship.

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There are reasons in favor of rollover of 401(k) & reasons against. Here are a few reasons in favor of rollover that you might not think of.

IRA Trick – Eliminate Estimated Tax Payments

by jblankenship.

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There is a way to eliminate the estimated tax payments throughout the year, using your IRA and a bit of imagination. It works, and works well.

Mistakes With NUA

by jblankenship.

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If you’re not careful there are several mistakes with NUA that can cause big problems for you. Pay attention when using NUA.

401k Distributions Due to Coronavirus (CRDs)

by jblankenship.

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Here’s all you need to know about 401k distributions due to coronavirus. This includes the penalty abatement, tax payment, and payback provisions.

IRA Early Withdrawal Exception: Disability to the IRA Owner

by jblankenship.

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One IRA early withdrawal exception is for disability. But it has to be the IRA owner’s disability. It’s not enough that the spouse of the owner is disabled.

11 Ways You Can Fund Your Roth IRA

by jblankenship.

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There are many ways to fund your Roth IRA. I’ve listed 11 here – there may be others that I’m not aware of. This list is a good starting point.

Options For a Spousal Inherited IRA

by jblankenship.

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What options do you have if you have a spousal inherited IRA? There are three, much better options than other non-spouse beneficiaries.

Sam, You Made The Pants Too Short!

by jblankenship.

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What can you do if your IRA has declined so much that it will no longer support your 72t payments as scheduled? You have a couple options to consider.

IRA Inheritance – Not Taking Timely Distributions

by jblankenship.

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What happens when you forget to take the required distributions from an IRA inheritance?

Splitting Inherited IRAs

by jblankenship.

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Splitting an inherited IRA into multiple IRAs is important to maintain your own distribution plan after the death of the original owner.

TWO 5-year Rules for Roth IRAs

by Jim.

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There are two 5-year rules that apply to Roth IRAs. Depending on the circumstances, one or the other may apply to your account and distributions from it.

IRA Options for a Surviving Spouse Under Age 59 1/2

by jblankenship.

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What options are available for distribution of an IRA if you’re a surviving spouse who is under age 59½? You have 3 options…

Eligible Rollover Distributions (ERDs)

by jblankenship.

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What are eligible rollover distributions? And what are not eligible rollover distributions? IRS only defines one of them, you have to figure out the rest.

Designated Roth Account (Roth 401k) Distributions

by jblankenship.

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Distributions from a Roth 401k can be very complicated. This article goes into the details you need to be aware of to avoid tax where possible.

Things to Consider as You Set Up a SOSEPP

by jblankenship.

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Do you know how to set up a SOSEPP (72t) plan? It’s got to be done correctly, otherwise you’ll face some big problems and penalties.

The Heartbreak of Withholding From Indirect Rollover

by jblankenship.

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An indirect rollover can cause problems, not the least of which is the mandatory withholding if the source account is an employer plan (401k).

Converting Directly From a 401(k) to a Roth IRA

by jblankenship.

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Converting directly from a 401k to a Roth IRA used to be a two-step process. But since 2008, this type of conversion has been very straightforward.

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Contact Info

Blankenship Financial Planning, Ltd.
Jim Blankenship, CFP®, EA
Phone 630-40-DUCKS (630-403-8257)
jim@blankenshipfinancial.com
Twitter: BlankenshipFP / Financialducks
Facebook: Jim Blankenship
LinkedIn: BlankenshipFP
Amazon: Author Page

Jim provides expert guidance for
your Retirement, Education Funding,
and Income Tax issues and concerns.

In addition to this blog, you’ll find Jim’s writings all around the internet, as he is a regular contributor to Forbes.com, TheStreet.com, and FiGuide. Several other sites also republish his work.

He has also written five books on Social Security, IRAs, 401(k) plans, and Medicare. See below for more on the books.
Sterling Raskie, MSFS, CFP®, ChFC®
Phone 630-40-DUCKS (630-403-8257)
sterling@blankenshipfinancial.com
Twitter: SterlingRaskie
LinkedIn: SterlingRaskie

Sterling provides expert guidance for your Retirement, Insurance, Education Funding, Investments and Income Tax issues and concerns.

In addition to this blog, you’ll find Sterling’s writings all around the internet. Sterling is also an adjunct professor teaching courses in math, finance, investments and insurance.
Services @ Blankenship Financial
If you’d like to have us work with you on your financial questions, follow this link for more information on how to get started.
The books!

The latest in our Owner’s Manual series, A 401(k) Owner’s Manual, was published in January 2020 and is available on Amazon at this link. This book includes all of the updates to retirement plans with passage of the SECURE Act.

A Medicare Owner’s Manual, is updated with 2020 facts and figures. This manual is available on Amazon at this link.

Social Security for the Suddenly Single can be found on Amazon at this link. This book is narrowly-focused on divorcee Social Security strategies and rules. It is also available in a Kindle version.

Sterling’s first book, Lose Weight Save Money, can be purchased by clicking this link. The book is also available on Kindle, which you can find at this Kindle version link.

An IRA Owner’s Manual, 2nd Edition is available for purchase on Amazon. Click the link to choose the paperback version, or the Kindle version.

Jim’s book – A Social Security Owner’s Manual, is now available on Amazon. Click this link for the Amazon ordering page.
Queuing Waterfowl

In case you hadn’t already noticed, this blog doesn’t have much to do with ducks – or any waterfowl for that matter.

No, what we’re doing here is talking about all things financial; getting your financial house in order. Here in the Midwest, “getting your ducks in a row” implies organization, which is one of the outcomes of having a better understanding of your financial life.

I hope you find the answers you’re looking for among the articles here, and perhaps a smile. If you can’t locate your answer, drop me an email or give me a call – we’ll see what we can find for you.

And if you’ve come here to learn about queuing waterfowl, I apologize for the confusion. You may want to discuss your question with Lester, my loyal watchduck and self-proclaimed “advisor’s advisor”.