Tax Loss and Tax Gain Harvesting, Roth 401K Rules, Federal and State Tax Withholdings – Mailbag

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Show Notes

We’re sharing this month’s mailbag episode a bit early, but we have 3 great listener questions lined up for today’s show! Miyuki asks if Scott can explain more about tax harvesting and how to take advantage of a stock loss. Lauren asks about the tax consequences of withdrawing from the Roth side of her 401(k) after 2023. Click play to see what you can learn!

As the year comes to a close, we also want to take a moment to express our gratitude for the retirement stories that we’ve been able to be a part of in 2023. We’re taking a few week break for the holidays, but are so excited to continue bringing you valuable podcast and YouTube content in 2024. Wishing you a safe and happy time with your loved ones!

Here are the questions we discuss in this episode:

  • Can you explain more about tax harvesting? I sold two individual stocks last month. Both are a loss, but I don’t know how I can take advantage of this loss.
  • I was just laid off. I am past full retirement age and the Roth side of my 401k hits 5 years on the 1st of 2024. Can I withdrawal from the Roth 401K side without tax consequences after 2023?
  • The 401k plan has pre-tax and post-tax (Roth). Is withholding required on post-tax Roth 401k money?

Thanks for checking out this episode of the podcast. If you’d like to learn more about financial and retirement planning, check out our YouTube channel here.