Should clarify, would actually recommend low/no down payment financing options, depending on cost, Archived Message
Posted by Victor's bananas on March 5, 2017, 12:30:47, in reply to "Would recommend 401k loan if that is an option. Otherwise would recommend low/no down payment"
before 401k loan. But if you have to access 401k funds, a loan would be a better option than a distribution. I'm amazed at how the residential mortgage loan industry so quickly reintroduced low/no down payment financing given the financial crisis we went through less than 10 years ago. Short memories.... Previous Message financing options before taking a distribution from 401k. You will pay ordinary income tax on the entire distribution amount if you take the $100 out. Depending on your tax bracket, you could be parting with 25-40+. Previous Message 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?
|
|