I can do a VA loan on it, but then the monthly payments are obscene. Archived Message
Posted by Stifler on March 5, 2017, 13:09:22, in reply to "Should clarify, would actually recommend low/no down payment financing options, depending on cost,"
I am just going to wind up taking it in the shorts on this one. Higher tax bracket and all eff it Previous Message before 401k loan. But if you have to acces 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?
|
Message Thread:
- Early withdrawl 401k Tax question - Stifler March 5, 2017, 10:20:12
- I get pressure from wife, but NEVER an option* - ab75 March 6, 2017, 9:11:02
- ** Update: Outbid on the house. Dodged a bullet (until the next "Dream house) - Stifler March 5, 2017, 16:24:49
- Would recommend 401k loan if that is an option. Otherwise would recommend low/no down payment - Victor's bananas March 5, 2017, 12:08:06
- Should clarify, would actually recommend low/no down payment financing options, depending on cost, - Victor's bananas March 5, 2017, 12:30:47
- I can do a VA loan on it, but then the monthly payments are obscene. - Stifler March 5, 2017, 13:09:22
- Ordinary income plus a ten percent penalty, right? Doing this is dumb* - gvibes March 5, 2017, 12:15:04
- Let's back up a second... - Sydney Carton March 5, 2017, 10:40:37
|
|