401k
401k Information

401k Contribution Calculator

Brooklyn Troy & Co was established in 1999 with the mission of providing value through real estate investment. Since its inception, Brooklyn Troy & Co has grown and expanded into many areas of real estate with a focus on quality of assets and above average returns for its investors. Originally the primary focus of the company was land acquisitions for master plan developers until the company saw the potential retirement benefits of alternative investments. Through 401k rollovers Brooklyn Troy provides several different alternative investments for clients. Currently over 70 percent of our transactions involve Individual Retirement Accounts (IRA), Education IRA, Keogh plan, Savings Incentive Match Plan (SIMPLE), or Simplified Employee Pension (SEP).

Clients no longer have to utilize traditional retirement investment strategies. Completing a 401k rollover into a Self Directed IRA allows for more diversification and a well balanced retirement plan. With a Self Directed IRA clients can invest in everything from stocks, bonds, real estate, cattle, and even to finance a new business venture. After the crash of 2008 retirement accounts had losses that averaged over 40%, leaving most Americans wondering what to do next. With the recent unemployment rate continuing in increase many recently unemployed have a 401k with no place to go, until now. There are many options out their for every type of investor. Take control of your retirement and Call today to find out your new road to financial freedom.

A 401k rollover refers to moving a 401k plan from a former or current employer into either an IRA or another qualified plan. IRA stands for aindividual retirement accounta and has similar rules to the 401k. 401k investment information for 401k rollover plans. 401K Rollover or the Direct Rollover is how you continue to benefit from the tax-deferred growth of earnings being provided by your current 401K plan. 401k, fidelity 401k, fidelity investments 401k, 401k plan, 401k withdrawal, 401k contribution limits, 401k rules, 401k calculator , 401k rollover, 401k limits, merrill lynch 401k, 401k information, 401k plans, 401k limit, individual 401k, 401k maximum contribution, 401k laws, 401k loan, 401k fidelity accounts, 401k contributions, 401k maximum, 401k hardship withdrawal, 401k contribution limit, safe harbor 401k, fidelity 401k com, 401k loans, solo 401k, 401k withdrawals, 401k contribution, maximum 401k contribution, simple 401k, borrowing from 401k, 401k contribution limits 2003, 401k administration, 401k rollovers, 401k regulations, great west 401k, 401k account, what is a 401k, 401k retirement plans, 401k benefit, 401k retirement plan, 401k savings, 401k early withdrawals penalties, 401k max contribution, 401k early withdrawals, 401k safe harbor, small business 401k, 401k law, 401k company. The government limits 401k rollovers to once every twelve months.

Complete a 401k rollover and move the assets to an Individual Retirement Account (IRA) Completing a 401k rollover is almost always the best. If you are unsatisfied with the choices available to you, completing a 401k rollover to an IRA may be a better option. A 401k rollover refers to moving a 401k plan from a former or current employer into either an IRA or another qualified plan. IRA stands for aindividual retirement accounta and has similar rules to the 401k. Your first inclination may be to cash out your existing 401k funds. Not all 401k and IRA plans have high internal expenses, but many do. One employee decides to leave his 401k with a former employer upon switching jobs, invested in sub-accounts through a variable annuity platform.

The other employee rolled his 401k over to a fee-based brokerage IRA. Investing money in a company 401k plan is an excellent way to save money. If you have questions about your 401k plan and would like to speak to an advisor, please feel free to give me a call. It’s time to consider whether your 401k plan should be changing too. The government is also attempting to reform the 401k procedure and create a new program designed to mitigate risk while improving on the sub par Social Security system. What is a 401k Rollover? A 401k rollover occurs when you change jobs or retire and then elect to transfer or “rollover” your 401k into a new IRA. This process of transferring a 401k with a previous employer into an IRA is referred to as a a401k Rollovera, aRollover IRAa or aIRA Rollover.a

The assets in your 401k can be transferred from your 401k directly to an IRA via a trustee-to-trustee transfer. A direct rollover from a 401k to an IRA is made tax-free and there is no tax liability. There is no limitation on the dollar amount you can rollover from your previous employer’s retirement plan. We’ll help rollover your 401k, 403b or other retirement plan. You’ll find valuable insight to make the rollover process simple. 401k rollover information is right here! self directed ira, self directed ira with checkbook control, real estate ira, roth ira, self directed ira llc, self directed ira llc operating agreement, 401k rollover, self directed ira, buy or start a business or franchise with your 401k or IRA.

A self directed Individual Retirement Account is an IRA that requires the account owner to make investment decisions and investments on behalf of the retirement misdirected IRAs, by allowing a wide range of investment choices, improve the account owner’s opportunities to diversify their IRA portfolio. Some investments, such as life insurance or collectibles as defined by the Internal Revenue Service, are not permitted in IRA. Also, if real estate or any other investment asset held in a self directed IRA has been employed for personal use, or to gain any other personal benefit (other than a return for the IRA), in the view of the IRS or the Department of Labor, the IRA may become immediately taxable. In addition, if the IRA owner is younger than 59 1/2, the IRA will be subject to an early withdrawal penalty of 10%.Therefore, those interested in self directed IRAs should seek education offered by an unbiased source.

Did you know that you can purchase LAND in your IRA?

You can roll your IRA (traditional, SEP, Simple, or Roth) as well as some qualified 401(K), Solo 401(K) and 403(B), into carefully selected California land. California real estate is proven to be a particularly safe and rewarding long-term appreciation strategy.

How is the land selected for investment?

Brooklyn Troy & Co looks to purchase land in undeveloped areas with a large amount of growth capacity. Our company acquires land for several master plan developers and is able to predict which areas will be in the direct growth path of major metropolitan areas. California has a current population of approximately 37 million. More than one in five Americans lives in California. More importantly it continues to grow at a rate of 500,000 annually and is projected to reach 40 million by 2013. Historically, land has produced the best long-term appreciation among the alternatives available for retirement plans.

What’s the No. 1 goal for investors?

Retirement, according to most polls. Yet not every investor has an individual retirement arrangement (or account, depending on whom you ask) — better known as an IRA. This is a travesty — a retirement-killing mistake. Every working American should have an IRA. Here are five reasons why.

How else will you retire?

If you don’t contribute to an IRA, how do you plan on paying for your golden years? Social Security? Your company’s traditional pension plan?
Unfortunately those sources probably won’t completely replace your pre-retirement income. Social Security and defined-benefit plans weren’t meant to subsidize this. On top of that, they both have their funding problems, depending on your age and whom you work for. So to enjoy the retirement you aspire to, you’ll need personal savings.

Some people choose to save for retirement through an employer-sponsored plan (e.g., 401(k), 403(b), 457) instead of an IRA. If your boss matches your contributions to the plan, this may be the better choice. But if that’s not the case, you would probably be better off in a Roth IRA (if you’re eligible), at least for a portion of your savings. Read “Don’t Max Out Your 401(k)” and “Why the Roth Rules” for the details, but generally, a Roth is much more flexible and might provide more after-tax retirement income. “After-tax” is the key, which brings us to number 2.
Lower taxes, lower taxes, and lower taxes.

Frequently Asked Questions

  1. QUESTION:
    Is there some kind of calculator that shows how much your paycheck will shrink after 401K contribution?
    I’d like to donate as much as possible to my 401k and have my paycheck shrink the least. Since 401K Contributions aren’t taxed, how would i figure out what percentage that would be? Should i just go to a paycheck calculator and deduct different percentages from my before-tax salary until I reach a paycheck amount i feel comfortable with?

    • ANSWER:
      It depends upon your federal marginal tax rate (how much more tax you pay for every extra dollar earned). For example a 0 contribution would reduce your paycheck if in 15% bracket, or only less in 25% tax bracket.

      Or if you contribute enough for the year, it might keep or reduce other income to a lower tax bracket.

      The higher your tax bracket, the less a 401(k) contribution affects your paycheck. But there is also a saver’s credit if you contribute below a certain income http://www.irs.gov/newsroom/article/0,,id=200742,00.html

  2. QUESTION:
    Can I claim my contributions to my 401k in the W-4 Withholding Calculator?
    Can I claim my contributions to my 401k in the W-4 Withholding Calculator if my contributions are deducted from my paycheck prior to paying taxes?

    • ANSWER:
      No. Those are deducted by your employer pre-tax so you do NOT adjust your W-4 allowances to cover for them. You would if you had a traditional IRA but not for an employer-sponsored 401(k).

  3. QUESTION:
    Pay off house early versus contributing to 401K?
    I would like to know the pros and cons of putting money into my 401K versus paying off my house early. I am 49 and contribute 15% into a 401K. If I used that money to make double payments on my house, it would be paid off in less than 6 years. At that point, I could contribute from age of 55 until retirement my 15%, 5% catch up contributions and put additional savings in an IRA. Using 401K calculators it appears I would end up with about the same amount of money in my 401K at retirement.

    • ANSWER:
      I think you’re forgetting the tax implications.

      The IRS would love you — it’s a double whammy from a tax perspective. If you’re paying more toward your mortgage, you’re taking away one of the best ways to reduce your tax bill (by paying off the interest faster and faster) while you’re also losing your tax-free contributions to your 401k (since that’s where the extra cash is coming from.)

      So, basically, you start paying taxes on more money because it isn’t going into the 401k PLUS, you’re losing your tax breaks on the interest you’re paying toward your mortgage.

      You’d have to crunch the numbers to be sure (or check with a financial advisor), but as a general rule, it’s a bad idea in my opinion.

  4. QUESTION:
    Is it ok to assume 8% average 401k growth?
    I am 27 and trying to figure out this whole retirement thing in the likely absence of ss. I have a target date 401k retirement plan from fidelity. When I use a calculator with my current level of contribution and company match it tells me there will be A LOT in the account when I retire at 65. How realistic is it to assume an 8% average groth in such a broad diversified account over a 38 year period?

    • ANSWER:
      It’s what’s been used in the past. If you want to be more conservative, why not try 6%?

      To diversify even further, look into something outside of financial assets – part ownership in a business, rental property.

  5. QUESTION:
    how do I calculate/know if I am maximizing my employer’s 401K match?
    Take an example of salary let us say 50K. and employer match is 6% of salary 50 cents per dollar contributed ( I belive that is standard). And my contribution is 13%. Also, if there is any formula/calculator for calculating this. It would be very helpful.

    • ANSWER:
      Check with your HR people to be sure, but if the employer is matching 50 cents of your dollars up to 6%, that implies that it caps out at 6% of ,000, i.e., ,000, of your money, and employer’s contribution would be ,500. But do not stop there simply because the employer does — the tax shelter makes it worthwhile to save as much as you can afford. Your 13% is a very good figure indeed. One issue that requires attention: how is the money being managed? Be sure that you know, and preferably don’t leave all of it in your employer’s stock.

  6. QUESTION:
    whats a good payroll calculator.?
    I would like to figure out what my paycheck would be if I increased my dependents or raised my contribution into my 401k. Also what is the percentage for federal and state tax that get taken out off every paycheck. I live in Pennsylvania.

    • ANSWER:
      Try PayCheckCity.com

  7. QUESTION:
    Is my Federal Income Tax refund really going to be this low?
    I am 21 and single. I filed last year with wages of 091 and federal taxes withheld of 88 and with the Hope Credit from college, recieved a refund of 64 (even more than I paid in). This year I made 24644 and my federal taxes withheld were 2417. I used a free calculator on taxbrain.com and it said my refund with a 954 credit from 401k contributions and a 326 dollar credit from the Lifetime learning credit plus around 1300 credit for the EITC would be ~2200. I just found out I guess I can’t even get the EITC so I decided to use taxslayers calculator for a refund and it said I would get around 753 bucks. Is this all correct? I don’t see how a 21 year old full time student with my income can not get most of their federal taxes back. I usually have before. I’m upset because I was planning on a refund of around 2200. Did I do something wrong with my forms? The actual 1040 didn’t even take 401k contributions into account for a credit. Someone with some insight please help.
    I don’t file under my parents. I file for myself as both parents are living off pension and social security. I see what you are saying about being in a higher tax bracket, but I’m still not making much money. I guess I can’t take the Savers credit and the Liftime Learning Credit. I know I can’t take the Hope credit, so what other credit was there?

    • ANSWER:
      You need to understand what a tax refund is. It’s not some kind of “bonus” you get for being a student or working. It’s just your change from overpaying your taxes. If you go to Wally World and buy worth of “stuff” and give the cashier a , the is your change. It was your money all along, you’re just getting it back because you gave them too much in the first place.

      As a college student you are probalby claimed as a dependent by your parents. That will cost you your personal exemption which RAISES your taxes. Many of the tax estimator sites won’t properly take that into consideration and many of them won’t account for the Savers Credit or the educational credits so you’ll often get a wrong response from them. And if a site let you claim the EIC then you messed up somewhere because you are not eligible for it.

      Your W-2 already accounts for the 401(k) contributions. The amount in box 1 reflects the net pay after deductiing those and any other pre-tax offsets. You claim the Saver’s Credit on a separate form — Sorry, I don’t recall the form number off the top of my head — but I don’t think you can claim it as a dependent anyway so it’s probably moot.

      Your refund is just the excess withholdings being returned to you after figuring your tax liability. What it really means is that you made an interest free loan to the government; it was your money all along.

  8. QUESTION:
    Why is my federal withholding so low?
    My 2008 income is approx. 0,000. I have filed as single with 1 exemption. When I go to the IRS website and complete the tax calculator my estimated 2008 tax is approx. ,000. This calculation includes itemized deductions and 401K contributions. Based on this amount, I would expect to see a bi-monthly withholding of approx. ,167. Yet, my paycheck has a federal withholding of only 0. I spoke with the payroll person internally and even with ADP, who processes our payroll, and they were unable to explain the discrepency, saying the system is connected to the IRS and the 0 amount is correct. How can this be accurate? Do I need to have addtional $ taken out of my check or am I missing something?

    • ANSWER:
      Unless you put something wrong on your W-4 or they transcribed it wrong, there is definitely something wrong with your withholding.

      The tables are in IRS Publication 15 – you can download that at irs.gov – look at page 36-38. Your biweekly gross, even after allowing for all the deductions for pre-tax items and for your exemption, is most likely still around 00 or more, and that would have a lot larger amount taken out than 0. It sounds like maybe something is coded wrong and they’re not using the biweekly chart or something. If your biweekly pay is a lot less than that and a large amount of the 0K was in some sort of one-time payment, then their calculation might be right though. But in that case 25% should have been withheld from the one time payment, so even though that wouldn’t have been quite enough your total withholding would at least be in range of what you owe.

      All that said, if they did this all of 2007, then you are going to owe a ton of money when you file. Didn’t you think it was a little strange that they were taking out so little?

      Good luck.

  9. QUESTION:
    How many allowances should I take on my W4?
    I know is a popular question… I know there is an IRS calculator … but, I’m still confused of how to use it so asking form specific answers on my specific and particular case.

    -Married filing joint return
    -No children, no dependents
    -My wife and I are in our 30s
    -Paid Taxes: 3836
    -Interest I paid: 13065

    Me
    Income 83’149.00
    Enter your total 2009 contribution to a tax-deferred retirement plan, FSA or HSA.: 2’281.00
    Enter the total Federal income tax withheld to date in 2009 (including amounts withheld from bonuses or which you expect to have withheld for bonuses): 16’610.00
    Enter the Federal income tax withheld from your last salary payment: 2948
    How frequently I’m paid: semi monthly

    Her
    Income 20’603.00
    Enter your total 2009 contribution to a tax-deferred retirement plan, FSA or HSA.: [she does not have 401k or similar so I guess is blank here]
    Enter the total Federal income tax withheld to date in 2009 (including amounts withheld from bonuses or which you expect to have withheld for bonuses): 1’934.00
    Enter the Federal income tax withheld from your last salary payment: [I do not have this information now, guessing, about 500?]
    How frequently I’m paid: every 2 weeks (Fridays)

    So.. using that info I IRS advice me about 21 allowances… looks high in my opinion and that’s the reason for my question. Please confirm or clarify numbers with me.

    Thanks

    PS: expected current’s year return is ’489.00 … nice receiving money but high, I would like to “convert” that into “take home salary” without having to pay next year.

    • ANSWER:
      You entered the wrong amounts for “Enter the total Federal income tax withheld to date in 2009″. Since your income is ,149 per year, you have only made approximately ,000 so far this year. (We are less than 1/8 of the way through the year.) You could not have had over ,000 withheld already this year.

  10. QUESTION:
    How much more per year would my gross pay need to be to take home same amount of money?
    If I were self employed, or if I were to be employed out side of the US, how much more would I need to earn to take home about the same amount of money as I am taking home now?
    I assume that I would be responsible for the full amount of Social Security (the part I pay and the part my employer in the US pays), so there alone I would need to earn an additional… 7.65%?
    I also have to assume I would need to earn an extra 6% to make up the lost “matching contribution” my employer makes to my 401k.
    What else am I missing?
    Are there any online calculators that would help with my analysis?
    The “outside the US” employer would be a family business and would be a permanent / long term situation.

    • ANSWER:
      I’ve always thought consultants/contractors need to make double.

      You are responsible for the other 7.65%.
      You are responsible for insurance, unemployment, disability, etc.
      401k match.
      vacation time, bentch time.

      As for working abroad, that’s trickier. If you are an employee with a foreign employer; an employee of a US employer who transferred you; if you are self-employed and there temporarily; or if you are self-employed and there for a long time is 4 different scenarios and the immediate tax situation is different, especially if there is a “totalization agreement” with the other country.

      If you are NOT covered by social security, you need to put the same amount of (pseudo-tax) money aside to buy an annuity that pays the same as social security would have.

      Let’s say it’s Canada. Here is the Canadian breakdown:You are working in Canada/Quebec:

      For a U.S. employer who:
      Sent you to work in Canada/Quebec for five years or less
      (pay to USA)

      Sent you to work in Canada/Quebec for more than five years
      (pay to Canada)

      Hired you in Canada/Quebec
      (pay to Canada)

      http://www.ssa.gov/international/Agreement_Pamphlets/canada.html

      The US and Canada would coordinate with each other to try an ensure that you collect benefits from at least one of them.

  11. QUESTION:
    single 0 ny tax questions?
    hi

    i recently acquired a new job. im trying to figure out the taxes i’ll be paying but i used online calculators and sort of have a general idea of what my net pay will be. still waiting for my first paycheck (monthly) to see what’s the error margin of my calculations. i filled the W-4 form as single 0 i’m not sure if i checked myself as depended as i still live with my parents. will checking myself as depended on my W-4 lower my taxes noticeably? also as far as tax deductions single 0 doesn’t have too many options other than 401k or IRA. am i right here? i still attend school and i’ve read that commute expenses from job to school can be deducted from taxation. now is this based on mileage (do i need to have actual gas receipt or can i calculate my gas expenses based on mileage and report that?). also i’ve read somewhere that i can make donation/contribution of up to 0 w/o receipt/documentation. is this correct? will setting up LLC help reduce taxes in someway (just read it on foru
    i could also write off the school tuition if i’m not mistaken.
    what’s the difference between single 0 and single 1. also is being dependent on parents has any positive impact on income tax. any input is highly appreciated. thanks
    thank you Mathew. by taking a basic course did you mean online/B&M at college/free/fee? Could you point me to a good one that you would recommend. Google reveals lots.

    • ANSWER:
      You have asked a large number of questions, most of which can not be answered without a great deal more information. One thing you do need to settle with your parents is who will be taking you as a dependent. For 2007 that will mean a ,400 exemption for one of you but not both. If your parents are in the 28% tax bracket their taking you as a dependent saves them 2. If you take the exemption in the 10% bracket you would save 0. As you can see there needs to be some planning. As for tuition the person that pays it can take the deduction or credit. You don’t need an LLC unless you are making a great deal of money in which case you should be paying for this advice. Speaking of advice you might think about taking a basic tax preparation course so you can get some answers to these questions.