AboutShirley McAllister, CPP, PHR Expertise I can answer payroll questions, payroll tax questions, 401K questions. No stock option questions please and I have some knowledge of other pensions but am most familiar with the 401K pension.
I can answer U.S.and Canada payroll questions proficiently and have a good general knowledge of UK and South Africa and some knowledge of Australia and New Zealand Payroll procedures.
Please do not ask me homework questions I do not have time to answer them.
Experience 25 years with an international company in the Human Resources, Payroll and Payroll Tax areas.
Organizations SHRM, APA, I.O.M.A.
Publications I.O.M.A. and BNA
Education/Credentials P.H.R., C.P.P., Canadian Payroll Administrator, Successfully passed APA class on UK Payroll Administration.
Boise State University Human Resource Certification
Awards and Honors APA Hotline Citation of Merit for last 8 years.
Question My company has a profit sharing plan for its employees. I am planning on leaving the company in the next couple of years and I will be fully vested in the plan. My question is, if I receive a check from the profit sharing plan and decide to invest it as a down payment on a house, will I still be liable for the taxes on it?
Answer If you take money from a retirement profit sharing plan before you are 59 1/2 you will pay taxes plus and early withdrawal penalty. If you are 59 1/2 you will still pay taxes.
It doesn't matter what you use the money for you still have to pay taxes on it when you take it out.
