I just withdraw from my IRA account which is unqualified, 10% penalty incurring, pre 59 1/2 type of withdrawal. Now the law says if you contribute back to retirement fund, you can waive the 10% penalty. Few questions on this. 1. If I re-contribute back to another IRA, will it be considered rollover? 2. Will it be still counted as income even if roll-over mentioned in above #1 is successful. 3. Will 10% be waived? 4. Anything extra needs to be done to be considered roll-over?
1. Yes 2. No 3. Yes, provided you meet the 60D deadline 4. Only allowed one (rollover within 60D) per year You can withdraw up to $100K under the COVID-19 Bill and return it within three years.
here it says: "avoiding tax and/or penalty"... https://www.fool.com/retirement/2017/04/13/what-is-a-60-day-rollover.aspx thanks
this i was aware and posted on another of my post here several weeks ago but qualifications for covid withdrawal looks complicated.
I have self-employment pensions in 3 different countries but usually I get behind on stuff occurring within the U.S. These Pandemics occurring more frequently...want to be better prepare for the next one if / when it happens when I'm about to retire (about 9 years away). Yeah, this stuff does become more complicated because rules does seem to change every decade. wrbtrader
i should get advice from you because I am not interested in ending up in nursing home in US when retired. I know US ones are horrible but I also heard other countries are even more terrible. But anyways, what is ur experience living abroad and receicing pension? I dont think it is possible to lead comfortable life on pension and SSN when retired in US.