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Is 401K an asset?
Liquid assets are cash or investment holdings or any tangible property that can be instantly converted to cash without losing their value. Individual retirement accounts and 401(k)s are retirement savings accounts designed to hold your money until retirement and technically are not liquid assets, unless you have reached retirement age. The idea is to leave your money in the 401(k) or IRA until you retire, so liquidating these funds prior to retirement age will get you some cash but also some Internal Revenue Service penalties that reduce the value of your asset.
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business asset (something of value owned by a business). Anything owned \nby an entity or an individual is an asset of that entity or that \nindividual and which can provide c…ash flow on disposal. .
Assets are items of monetary value owned by a business. They can be tangible objects such as CD players, bikes, toys, cash, etc. a asset is something you own or you business… owns Property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
Can you get in trouble if you listed your 401k as an asset in bankruptcy and cashed out to pay remaining debt after the fact?
Answer Generally you cannot get in trouble for cashing in a 401(k) that was listed as an asset in your bankruptcy case to pay off non-discharged debts after the …case is over. If the 401(k) was listed as an asset, the court most likely ignored it since 401(k)'s are virtually always exempt (safe) in a bankruptcy proceeding, and once the case is over you are free to liquidate (i.e. cash in) your exempt assets and do whatever you want with the money, such as pay off non-discharged debts. If for some reason the court found the 401(k) to be an unexempt asset, such as if it was completely funded right before the bankruptcy was filed and was really just an attempt to protect cash, then if it is liquidated by the debtor without court approval this could be a problem. But, assuming no fraudulent activity on the part of the debtor, there should not be any problems. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
asset is something which can be changed into cash at any time.... eg: buliding, machine , computer ....etc. . there are two kind ot asset ... . 1) tangable ....which can be …touch physically. and . 2) intangable...which can be feels only lilke goodwill,patents, trade mark ....etc.
Answer I would think so ... shows the lender that you are earnestly saving money and investing in yourself. Bear in mind that if you need to pull any monies… from either, you will be faced with very stiff financial penalties and taxes.
your retirement fund . It is a type of defined contribution retirement plan offered bymany employers. The employee decides how much he wishes tocontribute, and the employer… may or may not make a matchingcontribution.
Any item which is expected to used in the business for earnings andprofit is called asset. There are two types of assets on the basesof their uses as : Short term assets or cu…rrent assets and; Long term assets or fixed assets.
If I am not married to my partner who is passing away and she has credit card debts will they try and collect from me since I am her beneficiary for her 401K SHe doesn't have any other assets?
You probbaly really need to seek professional help to get an answer to this question.
a asset means the properties of every description belonging to the trade or the valuable things owned by a business concern. Ex: cash, goods, buildings, machinery, etc., By-N…alini & Raje
A 401k Plan generally is offered to employees by their employer. If you are self-employed, you may start a 401k or other retirement plan.
A 401(k) plan is a retirement account to which employee and employer contribute, on which taxes are deferred until withdrawal, and for which the employee selects the types of …investments.However,the 401(k) plan has many ups and downs and many regulations. Read more here http://401ksource.info and http://personalfinance401k.weebly.com
No, In financial accounting, assets are economic resources owned by business or company. A 401 is personal money account, so it does not fall under the definition.
his is a difficult one to answer, so I will answer the portion I am familiar with. If you deed-in-lieu it will save you from a foreclosure. However, they usually show up on th…e credit report as a "settled less than paid for" I would try to work out a deal with your bank to "not report it" Secondly, you have to be prepared for a bank sending you a 1099 for phantom income tax. Generally speaking, 401K's seem to be safe harbor. Other investments might be touchable in a legal action. The best advice is to check with an attorney.
Once you turn 70½, you must begin withdrawals from your 401(k) unless you're still working. These required withdrawals are designed to ensure that you use the money in… your account for the purpose it was intended: to provide retirement income. You may not be required to put money into a 401(k) plan. In fact, only a few employers have mandatory plans. But if you do contribute, you must eventually take required minimum distributions (RMDs) from your plan if you haven't made arrangements for moving the accumulated assets out of your account. Check your minimum required distribution using our calculator. The reason the government requires withdrawals is that these tax-deferred savings plans were established to provide you with retirement income, not as a way for you to accumulate an estate to leave to your heirs-though if you die before you have withdrawn your assets you can pass them on to a beneficiary or beneficiaries you name. Of course, you're free to begin withdrawing sooner than the law requires-which is when you reach 70½-if you retire or leave your job. You can also take more than the required minimum each year if your plan offers a flexible withdrawal arrangement. But if you take less for any reason, or if the required annual withdrawal isn't made before the end of the year, you face a 50 percent federal penalty on the amount you should have taken but didn't.