Closing Roth IRA hasty?
Please only answer if you know just about these things...My husband and I are in our 20's and we open Roth IRAs with $2000 respectively last year. We haven't put any money contained by there and the harmonize now is $2000 plus a few hundred dollars respectively. We need to close them impulsive..due to financial situation. What will we be paying to close it out? If you know the actual figures, that would be great to
Thank You
Answers: Unfortunately, david have no clue about Roth IRA rules. Since the money be deposited using after-tax money, you can take out the $2000 that you put into it (leave the few hundred dollars that you earn in it) lacking paying taxes.
The institution you put the money in may charge you nought. But Uncle Sam sure will. You'll pay income charge on all the money you put contained by plus at least a 10% cost. The exact dollar amount depends on your tax bracket. Not knowing that neither I nore anybody else can grant you an accurate estimate. Cashing in a 401k or IRA hasty is always a desperate idea. Don't do it unless you hold to. Better off taking out a loan of some type or selling stale soe of your assets or reduce some of your bills. Good luck!
Non-Collateral Fee. Is it commonplace?
Is it normal for a non-S'pore registered money lend firm to ask for a non-collateral fee to be transfered to them up to that time they could process the loan? Or is it just a scam?Answers: Its a scam...
Yes it is but ensure that you are going through a lawful bank
How long will it take for a $275,000+ attorney check to clear in a regular checking acct?
Answers: It depends on the check and the bank that you take it to and how they process their transactions. Most banks will put a hold on checks for very large amounts to ensure that it is a good check. If the check is from a local bank or company, the bank will probably only hold it for 5 - 7 BUSINESS days. (Saturdays, whether bank is open or not, Sundays, and holidays do not count towards business days). If the check is from a nonlocal bank or company, the hold can be up to 11 days. Even if it is a cashier's check, which is supposed to guaranteed available funds, your bank may require you to deposit it and place a hold on it. If the check is from the same bank that you use, they can verify that it is a good check and you can cash it as long as it is made out to you. However, because you will be getting more than $10,000 back in cash, the bank will be required by law to fill out a Currency Transaction Report and send it to the IRS. Checks made out to companies must be deposited into an account with the name of the company listed on the account. If you deposit the check into an account at the same bank that it is from, the bank will probably not hold it since they can just debit the attorney's account for that amount. It will still take anywhere from 2 - 5 business days for the check to completely clear. Without the hold, however, you will be able to write checks and use your ATM/debit card for the money from the check.
That depends on what type of check it is (bank check, cashier's check, regular business check drawn on the attorney's account); the policies of your particular bank and your particular account; and whether the two banks are in the same federal reserve region or not.
Could be one day. Could be three weeks. You'll have to ask your bank.
And the first answerer is misinformed. He'd be right if we were talking about a check for a much smaller amount, say $500 or so. But there is no bank I know of that would give you $275,000 in cash on the spot, and you'd be crazy to do that anyway. You'd have the IRS on you like a pack of wolves, for one thing, and probably the DEA as well - not to mention what would happen to you on the way home if anyone knew you were carrying that kind of cash.