Ong & Company Blog

Hardship Withdrawals From Retirement Plans

Richard Ong / September 29, 2017 /

Retirement Savings

Suppose you need to borrow money in a hurry and your only obvious option is a bank loan with sky-high interest — if you can even obtain one. Consider an unusual source: your 401(k) plan or IRA....

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Avoid Taxes Due To Multiple IRA Rollovers

Richard Ong / August 25, 2017 /

Retirement Savings

The tax rules are relatively lenient for rollovers to a traditional IRA. For instance, if you transfer funds from your 401(k) plan to an IRA within 60 days, there's no tax liability on the transfer. ...

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Avoid the 10% Penalty for Early Withdrawals

Richard Ong / June 05, 2017 /

Retirement Savings

Life sometimes throws you a financial curve ball. So, you may have to take money out of your Traditional IRA earlier than you had planned. Your early withdrawal will be taxed, and if you withdraw the ...

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Retirement Savings Tax Credit

Richard Ong / April 02, 2017 /

Retirement Savings

If you have a child graduating from college this year, money can be tight as he or she embarks on a career. So it's often hard to convince your child to set aside money for a retirement date that may ...

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Tax Break For Employer Stock in Your 401K Plan

Richard Ong / December 16, 2016 /

Retirement Savings

The tax code contains a not-so-secret secret: the tax break for "net unrealized appreciation," which can help you save tax dollars when you have employer stock in your retirement plan. Here's how the ...

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Retirement Account Rollover Tips

Richard Ong / December 09, 2016 /

Retirement Savings

Are you transferring money between retirement accounts? Be aware of the rollover rules, which govern the tax treatment of retirement plan distributions....

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IRA Required Minimum Distribution Options

Richard Ong / October 24, 2016 /

Retirement Savings

Are you over age 70½? Do you own a traditional IRA? You may need to take a required minimum distribution from your account before year-end. If you don't need the income yet, you may be wishing you ...

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New Relief for Late IRA Rollovers

Richard Ong / September 09, 2016 /

Retirement Savings

Requesting forgiveness for an IRA rollover error may now be a bit simpler and less expensive, thanks to a recently-issued IRS procedure. If you inadvertently missed the 60-day time limit for making ...

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You Still Have Time to Establish a Retirement Plan for your Business

Nick Ong / September 02, 2016 /

Retirement Savings

The problem with time is that you always think you have enough. Fall is already here, and the time for establishing a retirement plan for your business is ticking down to the deadline. Here are two ...

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Refresher on IRA Rules

Nick Ong / July 30, 2016 /

Retirement Savings

In a tax environment where change is a constant, knowing that some rules remain the same can be a relief. For example, the tax rule that lets you make charitable contributions from your individual ...

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