I am recently divorced by as of Jan 1 2010 am currently make 35000 a year in salary. I receive 5500 a month in child
support for (3) @ 24000 a year in alimony
adjustable with child support. I will continue to receive $2000 a month unless I remarry through my life or his death.
I have just recieved the ESP savings through QDROs 100% @appx 82000 which has to be rolled over into an IRA within 90 days. I will also receive 50% of pension
which is valued at I'm guessing @ $20000. Social Security at 65 on his is 2400 a month.
I had to refinance my home into my name which took place June 10, 2010. Value $310,000 and refinance was for $200,000.
I have been told that if I need to withdraw any amounts of the 82000 - I need to do this now and would not be subject to the 10% penalty as long as I do this before I roll this 401K savings over into the traditional IRA
. Of course I would be taxed on what I withdraw. I am awaiting specifics on the pension in the next couple of days to determine how much I will have available and am trying to figure out what my monthly income
will be if I retire between the ages of 55-65.
My more urgent question is how much additional tax
would I have to pay this year if I were to go ahead and withdraw 10 or 20K from this savings before rolling it over and is it feasible or how would it affect my retirement
? I could really use the extra money - but don't want to put myself in a bind for taxes if it is too much. I also receive 50% of his bonus each year for the next five years which is variable. The smallest amount would estimated
at $7,500 of which I will never be responsible for claiming on taxes.
I do not have any savings and would like to use part of this as college tuition for a child or to help with other expenses including paying down $10000 debt in credit
I am claiming single with 3 dependents
however I have 5 children living in the home currently one in college now and one starting college next year. I plan to pay $4000 in college tuition in this year.
I need some really good advice?