https://old.reddit.com/r/wallstreetbets/comments/pghynq/i_just_quit_my_job_so_that_i_could_roll_over_my?sort=controversial
GME tard goes full r-slur and quits his job after cashing in his $58k retirement (title edited cuz I don't know these money things)
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Imagine having a 401(k) plan so shitty you can't do in-service withdrawals to roll your perfectly safe mutual funds into wildly speculative gambling meme stocks.
I guarantee this paste eater does an indirect rollover, cashes the rollover check himself, and doesn't redeposit the funds into a like-kind qualified account within 60 days thus triggering $58k of ordinary income.
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Doesn't 401k money get taxed insanely high too?
Krayon sexually assaulted his sister.
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401(k) money (assuming it is pre-tax contributions and not Roth) is only taxed when withdrawn, and it is taxed at ordinary income rates.
For example if you make $100k salary and take $50k from your 401(k) and don't reinvest it into another 401(k), IRA, etc., your taxable income is $150k for the year.
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Thanks. These little nuggets of info from people way better at finances than me are always appreciated.
Krayon sexually assaulted his sister.
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