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Early withdrawl 401k Tax question
Archived Message
Posted by Stifler
on March 5, 2017, 10:20:12
If I were to close out one of my 401k's and the amount is 100k. I know aobut the tax hit but what amount gets added to your income tax return the following year? Does the 1099-R form you receive show 100k or is it the amount you get after the taxes?
Message Thread:
Early withdrawl 401k Tax question
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Stifler
March 5, 2017, 10:20:12
I get pressure from wife, but NEVER an option*
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ab75
March 6, 2017, 9:11:02
** Update: Outbid on the house. Dodged a bullet (until the next "Dream house)
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Stifler
March 5, 2017, 16:24:49
Congrats! The IRS will have to wait*
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Victor's bananas
March 5, 2017, 16:28:51
yay for snipers!*
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freetimmer
March 5, 2017, 16:28:42
Would recommend 401k loan if that is an option. Otherwise would recommend low/no down payment
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Victor's bananas
March 5, 2017, 12:08:06
Should clarify, would actually recommend low/no down payment financing options, depending on cost,
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Victor's bananas
March 5, 2017, 12:30:47
I can do a VA loan on it, but then the monthly payments are obscene.
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Stifler
March 5, 2017, 13:09:22
Not to tell you what to do, but if the payments are too high, then you are likely buying too much
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Victor's bananas
March 5, 2017, 14:31:44
What are the rates on a VA loan versus a normal loan? Taxes and 10k going poof*
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gvibes
March 5, 2017, 14:01:25
similar, if not better.
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pdxillini
March 5, 2017, 14:52:01
If that's true,that is dumb and ignores the investment income you are losing when you cash
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gvibes
March 5, 2017, 16:00:10
Ordinary income plus a ten percent penalty, right? Doing this is dumb*
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gvibes
March 5, 2017, 12:15:04
Yes, forgot about the penalty, assuming under age 59 1/2. Not a good move and should be avoided*
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Victor's bananas
March 5, 2017, 12:24:23
Absolutely, not even counting damage to your retirement nest egg*
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Potomac
March 5, 2017, 13:50:28
Let's back up a second...
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Sydney Carton
March 5, 2017, 10:40:37
Wife has her mind set on a new house. Short of planting a dead rat in the new houses closet ...
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Stifler
March 5, 2017, 10:46:56
Cashing in a 401k bad practice IMO
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WesMantooth
March 5, 2017, 13:49:08
someone's got to pay for that wall*
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freetimmer
March 5, 2017, 15:35:04
Couple of things
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Sydney Carton
March 5, 2017, 11:13:12
Can't you take a loan from your 401k for a house?*
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gvibes
March 5, 2017, 11:07:18
Yes, as long as your plan offers that option.*
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Victor's bananas
March 5, 2017, 12:05:29
And simetimes the loan option is only available to current employees
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Sydney Carton
March 5, 2017, 13:25:55
Yes, I believe that is almost always the case. Loans are typically due within a short timeframe if
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Victor's bananas
March 5, 2017, 14:33:27
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