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Pensions/Annuities/Retirement Plans (i.e., 401(k), etc.)

Top Frequently Asked Questions for Pensions/Annuities/Retirement Plans (i.e., 401(k), etc.)

  1. This is the first year that I received a distribution of benefits from my 401(k) plan. Are any of my benefits taxable?
  2. What is the maximum amount that I can contribute to my 401(k) plan?
  3. If taxes are withheld from a distribution from a 401(k) plan, am I required to include the amount of the distribution as income and also pay the 10% additional tax?
  4. Can I withdraw my elective contributions to a 401(k) plan penalty free to build or purchase my first home?
  5. If I retire or leave my employer for any reason (including due to being laid off) before I am age 59 1/2, can I withdraw my vested benefits under that employer's 401(k) plan, without having to pay a 10% additional tax? What if I were 55 or older when I separated from service with my employer?
  6. How long do I have to roll over a retirement distribution?
  7. I am a plan sponsor. Where can I find additional information on retirement plan document design requirements and the IRS Determination Letter Program?

Frequently Asked Question Subcategories for Pensions/Annuities/Retirement Plans (i.e., 401(k), etc.)

  1. General/Taxability Issues including Distributions, Early Withdrawals, 10% Additional Tax, Defaulted Loans
  2. Rollovers - Pensions/Annuities/Retirement Plans (i.e., 401(k), etc.)
  3. Types of Plans
  4. Plan Operations
  5. Plan Design
  6. Correcting Plan Errors

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Page Last Reviewed or Updated: December 10, 2008