Anthony Lishka is the Co-Owner of Lishka Financial trademark, a full-service independent financial advising firm, based in Portland, Oregon. Lishka Financial are committed to helping people pursue their financial goals by offering a wide range of financial products and services to individuals and business owners.
A believer in continuing professional development, Anthony earned his Chartered Financial Consultant (ChFC ®) designation from the American College of Financial Services. Anthony recognizes the challenges investors face when planning their retirement, college and estate strategies. His financial consulting process is committed to maintain the highest standards of integrity and professionalism when helping clients achieve their goals.
Anthony lives in Molalla, Oregon. When not in the office, you can often find him coaching youth soccer in and around the local Portland community. He also recharges with family camping and fishing trips. Anthony is a proud Portland Timbers fan, and spends many a weekend afternoon cheering on his team at Providence Park.
AS, Business Administration and Management, Clackamas Community College
Assets Under Management:
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Yes, you are able to take a limited amount of funds from your 401k to purchase a house if your plan allows it.
With the new plan, you can roll the whole amount or partial amount into a Roth IRA by doing a direct transfer. I suggest not rolling the transaction amount into a Roth IRA. When you roll your 401k portion to a Roth IRA, you will be liable for taxes because Roth IRA’s are after-tax contribution accounts. Then, when you cash out the Roth IR to pay the transaction costs for the house there could be additional costs involved.
If you only have a 401k, there are two possible ways to take this distribution. A 401k loan or a hardship withdrawal.
The best possible option is to take a loan from your 401(k). It’s a non-taxable event as long as you are still employed and you can pay yourself back plus interest. You are eligible to take a loan amount equal to the lesser of half your account value or $50,000. Before taking a loan, talk to the plan administrator or plan advisor to see what it will the amount you can take out and if you can afford the payments. The maximum loan term is 5 years. But, if you leave the company within the 5 years, the remaining loan amount will convert into a distribution and be a taxable event.
The worst possible option for funding your purchase is taking a distribution under the IRS’s hardship rules. Your company’s retirement plan would need to allow hardship distributions for this to be possible. The plan might require you to first take a loan before taking a hardship distribution. This distribution would be a taxable event. If you are under the age of 59 ½, there will be an additional 10% tax on the amount distributed.
I would not have your wife stop contributing to the 401k. Check with her employer and see if they have a Roth 401k option. 401k's allow an emplyee to defer $18,000 fo their salary a year and an additional $6,000 over the age of 50. IRA's only $5,500 a year and an additional $1,000 over the age of 50. If not, keep investing in the 401k and open a Roth IRA with a Financial Advisor (if you have not done so with your mutual funds). It is a good idea to blend in Roth contributions for these reasons:
1.) Roth distributions during retirement does not count towards income for social security
2.) Roth accounts dont't have the Required Minimum Distribution at age 70 1/2 like Traditional IRA's.
3.) Roth accounts grow tax-free.
4.) You can withdrawal Roth contributions penalty free (but you may be penalized for withdrawals that include the earnings before 59 1/2).
Seek an Advisor (if you have not done so with your mutual funds) to help build a good blended plan. There will be stages that it's important to adjust one way or another. All depends on your income. You may receive raises, bonuses or even change jobs that could result in an adjustment. Or, since you are newlyweds (congrats), a growing family can create adjustments. Keep up the good work with saving for a house and contributing to your other accounts.
There are a few things in this question to lead me to believe yes you will. First I will list what the tax code is for selling a house and what the tax complications are for a Yes and a No answer.
- The house is your primary residence.
- Lived in the primary residence for 2 of the previous 5 years.
- Single taxpayer profit of less that $250,000 or married taxpayer profit less than $500,000.
- Sold your house because of death, illness, divorce, multiple births or job loss.
- House is not your primary residence.
- Lived in the primary residence less than 2 of the previous 5 years.
- Single taxpayer profit of more that $250,000 or married taxpayer profit more than $500,000.
The tax that will asset will be capital gains based on your recent tax bracket. If you made improvements to the property, you may be able to deduct the cost. There also may be a gift tax involved since you will be giving the funds to your parents from the sale. I suggest you to seek a tax professional for advice and guidance.
It's hard to index a financial advisor because they will be using different types of investments based on your risk. You can't own the DOW, Nasdaq and the Barclays US Aggregate Gv't Bond indexes. The advisor could have you invested in alternatives, international growth or asset protection which are very difficult to find an index. Find an advisor you feel comfortable with by interviewing more than one. Ask them questions about how they approach risk, communication, market conditions and how they are compensated with each investment they choose for you.
Unless you have a Roth 401k, you may be liable for taxes when you move the money to a Roth IRA. There are different investment vehicles but they all need to be listed as an IRA because it is pre-tax money from your paycheck and you need a custodian to hold the assets. The custodian reports to the IRS if you received funds from the pre-tax account or any contributions made to the IRA.