QUESTIONS
QUESTIONS TO KIMBERLY, (916) 321-3310. KIMBERLY, THE FIRST TEXT COMING
IN FOR YOU, WILL I HAVE TO PAY
TAXES ON THE STIMULUS PAYMENT
NEXT YEAR AND DO
I NEED TO SET MONEY ASIDE TO DO
SO?
>> THIS IS NOT TAXABLE MONEY.
SO YOU DON'T HAVE TO WORRY
ABOUT THAT.
YOU DON'T HAVE TO PUT MONEY
ASIDE.
THIS IS TO HELP PUT FOOD ON THE
TABLE, IF THAT'S NEEDED OR SET
ASIDE FOR RETIREMENT SAVINGS OR
FOR AN
EMERGENCY LATER DOWN THE ROAD.
>> NEXT TEXT COMING IN, THAT IS
GOOD TO HEAR THAT, I TRIED TO
USE THE IRS GET MY PAYMENT
SITE, MY PAYMENT WAS
NOT AVAILABLE DOES THAT MEAN I
WON'T GET A STIMULUS CHECK OR
YOUR PAYMENT IS NOT ON THE WAY
YET?
>> IT DOESN'T NECESSARILY MEAN
YOU WON'T GET A STIMULUS CHECK,
THERE IS A FREQUENTLY ASKED
QUESTIONS, LOOK AT THAT.
THIS CAME ONLINE LAST THURSDAY,
SO YOU CAN IMAGINE THE MILLIONS
OF PEOPLE THAT ARE GOING ONLINE
TRYING TO FIND THAT.
A LOT OF THE TIMES THE DATA IS
NOT AS LOADED UP.
MY SISTER WHO IS .72 WENT ON
AND GOT THE SAME THING AND THEN
WENT ON BASICALLY WENT ON TODAY
AND FOUND OUT
STIMULUS CHECK IS IN THE MAIL.
SO, JUST KEEP GOING BACK AND
REFRESHING.
IT DOESN'T MEAN THAT YOU ARE
NOT GOING TO GET THE CHECK.
>> I AM SURE THE IRS IS DEALING
WITH A LOT OF CHECKS HERE.
>> I GET SOCIAL SECURITY BUT
NOT ENOUGH TO FILE TAXES.
DO I GET A STIMULUS CHECK?
>> THAT'S A REALLY GOOD
QUESTION.
SO, YES, WILL YOU GET A CHECK.
AND THE THING IS, BECAUSE YOU
HAVEN'T FILED, THEY DON'T HAVE
THAT DATA ONLINE.
SO, AGAIN, THAT IS SOMETHING
THAT IS GOING TO BE BACK
FILLED, THEY ARE TRYING TO GET
THE MONEY OUT AS QUICK AS
POSSIBLE TO DIRECT DEPOSIT
PEOPLE WHO FILED THERE.
IS A FILLABLE FORM SO IF YOU
WANT TO FILL THAT OUT AND
EXPEDITE IT YOU CAN EXPEDITE
YOUR PAYMENT, YOU CAN PUT
INFORMATION ABOUT DIRECT
DEPOSIT, THAT MAY YOU WILL GET
THAT MONEY FASTER THAN SNAIL
MAIL, RIGHT?
YOU KNOW, WALT.
>> YEAH.
GOT THAT.
NEXT ONE COMING IN, I'M
RETIRED, I'M WONDERING ABOUT
THE STIMULUS A FIXING ABOUT MY
REQUIRED MINIMUM
DISTRIBUTION FOR 2020, DO I
NEED TO BE WORRIED OR DO
ANYTHING TO AVOID TROUBLE?
>> THAT'S A REALLY GOOD
QUESTIONS, GOOD VIEWERS, REALLY
GOOD QUESTION, RMD REQUIREMENT
DISTRIBUTIONS HAPPENED
FOR 2020, IT WON'T AFFECT YOUR
RMD, IF YOU WANT TO DO QCD'S,
QUALIFIED CHARITABLE DONATIONS
OUT OF YOUR IRS DO NOT TAKE
YOUR RMD IF YOU HAVE TO, IT
GIVES YOU TIME TO RECOUP AFTER
THE LOSSES IN THE MARKET.
>> THAT IS GOOD ADVICE.
>> NEXT ONE COMING IN FOR
KIMBERLY FOSS FINANCIAL ADVICE,
WILL I BE PENALIZED IF I MAKE
WITHDRAWAL FROM MY RETIREMENT.
>> THE 10% PENALTY THAT MOST OF
US UNDER 59.5 WILL GET.
IF YOU TAKE MONEY OUT OF YOUR
IRS YOU WILL NOT HAVE THAT IF
YOU TAKE MONEY OUT.
LAST RESORT, I DON'T RECOMMEND
PEOPLE TAKING OUT OF THEIR
IRA'S, YOU WILL HAVE TO PAY
TAXES ON THAT MONEY.
>> THE NEXT ONE, MAYBE
PIGGYBACK WITH THAT I HAD TO
TAKE MONEY OUT OF MY 401 K TO
PAY BILLS, WHEN WILL I OWE
TAXES ON THAT?
AND CAN I PAY IT BACK AFTER I'M
WORKING AGAIN?
>> GOOD QUESTION.
EVERY RETIREMENT PLANS ARE
DITCH.
CHECK WITH YOUR HR DEPARTMENT
TO KNOW EXACTLY WHAT YOUR PLAN
SAYS.
YOU CAN BORROW THAT MONEY OUT,
THAT IS A LOAN SO YOU ARE NOT
TAXED ON IT.
CAN YOU PAY THAT BACK AT A
PREDISPOSED -- PRESCHEDULED
TIME, AGAIN, WITH YOUR 401 K
WITH YOUR COMPANY.
SO CHECK WITH YOUR HR
DEPARTMENT.
IT IS NOT TAXED AND YOU CAN PAY
IT BACK OVERTIME.
>> HERE IS A SPECIFIC TO THAT
-- TO THE OTHER ONE, THREE IN A
ROW, FOUR IN A ROW HERE, IS
THERE A MINIMUM OR
MAXIMUM LIMIT FOR BORROWING
FROM MY RETIREMENT FUND?
>> VERY VERY GOOD QUESTION.
SO IN GENERAL, AGAIN, CHECK
WITH YOUR PLAN HR, BUT IN
GENERAL, CAN YOU BORROW 50% OF
WHATEVER YOU YOU
INVESTED, YOU HAVE $30,000 IN
YOUR 401 K IN GENERAL YOU CAN
TAKE OUT $15,000.
YOU CAN BORROW 100% OF THAT,
YOU CAN BORROW THE WHOLE
$30,000 OUT WITH NO PENALTIES
AND PAY THAT BACK
OVERTIME.
>> DO THEY GIVE YOU A LOT OF
TIME TO PAY IT BACK?
IS THERE A LIMIT ON THAT?
>> IT DEPEND PES ON WHAT THE
COMPANY SAYS.
BUT BASICALLY YOU CAN PAY THAT
BACK OVERTIME AND I THINK IT'S
A YEAR BEFORE YOU HAVE TO START
PAYING THAT
BACK.
>> GIVEN THE STATE OF THE
MARKET NEXT TEXT COMING IN, I'M
THINKING OF REBALANCING MY IRA,
ARE THERE ANY SAFE INVESTMENTS
YOU CAN RECOMMEND RIGHT NOW?
APPLE, IS APPLE STOCK --
GOOGLE, WHAT STATE?
YEAH, I WAS GOING TO SAY.
SAFE IS RELATIVE TO EVERYONE,
RIGHT?
WHATEVER YOUR RISK IS.
THE BLANKET QUESTION IS
BASICALLY, WHAT IS THE
ALLOCATION OF YOUR PORTFOLIO
AND WHAT IS YOUR RATE?
IF YOU'RE 40 YEARS OLD,
ALLOCATION SHOULD BE 50%
STOCKS, 40% INCOME.
OF THAT 50% STOCKS YOU WANT TO
BE IN WELL DIVERSIFIED
INVESTMENTS.
MUTUAL FUNDS LIKE S&P 500
SOMETHING THAT IS WELL
DIVERSIFIED.
IF YOU HAVE $10 MILLION YOU CAN
START BUYING INDIVIDUAL STOCKS
GOOGLE OR APPLE.
MY ONE OR TWO SHARES OF GOOGLE
OR APPLE.
THAT IS A COUPLE THOUSAND BUCKS
ANY WAY.
SO, THERE IS NOTHING REALLY
SAFE PER SAY, EVERYTHING HAS A
RISK TO IT.
LOOK AT THE ALLOCATION AND YOUR
GOOD STAY IN THIS MARKET AT ALL
TIMES THAT IS THE KEY TO MAKING
WEALTH,
STAYING IT IN THE DIPS AND
BYINGING MORE STOCKS THEN THAN
YOU WOULD AT THE HIGH.
>> THESE ARE THE TIMES WHERE IF
YOU