401k mida konta information share chesukondi

[Quickgun_murugan]

9 minutes ago, Kyathy said:

TESLA does 6% match 

you work for TESLA??

[kiraak_poradu]

Just now, Quickgun_murugan said:

you work for TESLA??

yes thelusu

[MusuguVeiMazzaChei]

48 minutes ago, masakali said:

Save to 401k whatever you can. Mee employer sponsor chesedi em ledu akkada, at the max he will pay the fees for managing your company. ROTH IRA may also be good for you. 

You can save a max of 17k per year into 401k. It will add up in last.. You can take loan out of it in future if you need buy some big investment (say home), you will still pay interest, but that interest will go back to your account (paying to yourself)

lets say, you plan to go back to India, you can take money from your 401k next year when you dont have US income, so tax bracket is super low than your working year in US and you pay fine(9-10%) since you are removing before retirement. Employer match chesthe, no doubt you should enroll  

this is not right, most FT companies match 401k upto 6% when you contribute.This is reason lot of people contribute just to get free money from employer

[spicyfish]

39 minutes ago, chingchang said:

Nee 401k lo unna amount pre tax money. That means you didnt pay tax for that money. Lets say you got 5K from your 401k as loan(its pre tax money), and you took loan for 5 years, you have to pay back 5000$/(5x12) + APR assuming you have 12 pay checks per year. nuvvu kattalsina amount nee after tax money nunchi cut autundi .. so techincally you are adding tax to your loan amount by paying back 

 

ardam kakapotey cheppu inko laa explain cheyyadaniki try chestha  took me like a month to figure it out 

Yea got it. Thanks man.

[spicyfish]

26 minutes ago, MusuguVeiMazzaChei said:

401k is for - when you want to save and forget and withdraw after 59 and Half years without any penalty.And this is ideal situation.

If you plan to save now and want to retrieve in  few years and then don't plan for this until unless you employer is matching.

 

In Non-ideal situations , if you want to withdraw money ASsume you are making 100k and you withdraw 20k from your 401k then  you will be charged taxes for 120k+ 10% penalty for withdrawing early from 401k .

But in other cases like when you move to India and want to withdraw 20k and then you will be charged taxes for 20k (which you can claim back since you only make 20k for year)+10% penality.

 

I think you can do this (with drawing while you are in INDIA ) for 2 years and after that any money you bring back to india will be taxed (Double taxation ) - Can someone verify on this.I remember reading somewhere but 100% sure.

 

thanks man for breaking it down. My desi mestri od not contributing or matching. Only from employees end you can enroll if needed annadu. so deeni gurinchi researching if its worth

[MusuguVeiMazzaChei]

11 minutes ago, spicyfish said:

thanks man for breaking it down. My desi mestri od not contributing or matching. Only from employees end you can enroll if needed annadu. so deeni gurinchi researching if its worth

np..thats still ok if you intended to not touch 401 and want it as retirement benefit.

AS other mentioned , you still save some money in taxes.

 

My Situation is exact as you (my desi employer doesn't contribute) but i still contribute and max out my 401k to save on taxes.

[spicyfish]

13 minutes ago, MusuguVeiMazzaChei said:

np..thats still ok if you intended to not touch 401 and want it as retirement benefit.

AS other mentioned , you still save some money in taxes.

 

My Situation is exact as you (my desi employer doesn't contribute) but i still contribute and max out my 401k to save on taxes.

but bhaiya I am not as confident as you . See you mentioned retiremnet ante ikkadey undali in USA-  which I am not sure - visa lolli- GC lolli ante I am in queue anuko kani inka enni years anedi naku teliyadi ... 

Inka saves taxes annav...so in case i need the money after few years anuko ....ikkada unte mana annual salary base   401K withdrawal amount ki tax bracket related tax katttali  penalty

Or india poyaka 1 year tarvata - no income kabatti 401k amount ki tax penalty kattali  

waiting period is killing my thought to start/enroll in 401k 

 

[chicchara]

30 minutes ago, spicyfish said:

thanks man for breaking it down. My desi mestri od not contributing or matching. Only from employees end you can enroll if needed annadu. so deeni gurinchi researching if its worth

saving worth aa ani enduku asking. do it. its good especially in US

[Kyathy]

51 minutes ago, Quickgun_murugan said:

you work for TESLA??

Yes man 

[spicyfish]

1 minute ago, chicchara said:

saving worth aa ani enduku asking. do it. its good especially in US

savings in 401k lo ani asking - as withdraw ki tax brackets and penalties unnai  kada....

 

[chicchara]

1 minute ago, spicyfish said:

savings in 401k lo ani asking - as withdraw ki tax brackets and penalties unnai  kada....

 

lets assume u wont save in 401k.. where else are u saving tht money?

if ur age is under 30..may be wait till 30..

if over 30..then start 401k..preferrable

[spicyfish]

22 hours ago, chicchara said:

lets assume u wont save in 401k.. where else are u saving tht money?

if ur age is under 30..may be wait till 30..

if over 30..then start 401k..preferrable

konni india ki pampadam , konni ikkada regular account lo liquid cash la saving.

Evaro monna savings account edi better ani adigaru ..with maz interest in USA looks ally onloy at this point

andulo open chayyali ani thinking

right now BOFA undi

[manchivaadu]

2 minutes ago, spicyfish said:

konni india ki pampadam , konni ikkada regular account lo liquid cash la saving.

Evaro monna savings account edi better ani adigaru ..with maz interest in USA looks ally onloy at this point

andulo open chayyali ani thinking

right now BOFA undi

thondaraga ally lo open sesi, nee anubhavalu cheppu