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I need to have my teeth straightened and repaired, it's

I need to have my...
I need to have my teeth straightened and repaired, it's $4000 to have it done. I am 59 and this was unexpected but necessary. I have paid half the cost from my HSA, but that's all I have there and need to come up with the other half by Dec. 14th. I am sorry to say I do not have the $2K in cash sitting around; my net income pie is cut into as many pieces as I can manage, my emergency fund is just at $600 right now. I have $8K worth of company stock, I could sell some of that, but I would have to pay taxes on the gain. I could take out a personal loan with my credit union, but there is a minimum and I don't want to pay interest on a healthcare cost. I could borrow from my 401K, then I would pay interest to myself, but I think there is a minimum like $2500. My credit cards are low interest, about I have $3000 total outstanding, I don't want to put any more on them. CareCredit would probably give me 6 months to pay, but I can't take on another monthly payment right now, but I could in another 4 months. I just don't know what to do, can you point me in the smartest direction?
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Answered in 1 hour by:
11/16/2017
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 1,231
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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Welcome to Just Answer! Thank you for giving me the opportunity to assist you! I will do my best to help!

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I can certainly relate to your situation. My wife is currently fighting renal cell carcinoma, stage 4. The treatments are expensive, and many are not covered by insurance. So I've been faced with the same dilemma that you have. I need a hip replacement and an implant (molar came out) but I have been putting them off for now.

I believe that your 401(k) loan will be the best answer. You need $2,000, and you stated that the minimum is $2,500. So you will have an extra $500. You also mention that you can't take on another payment now, but you could in 4 months.

Most 401(k) loans will allow you to pay back the loan over 24, 36, 48, or even 60 months. This means that your monthly payment would range from about $125 for the 24 month loan to $50 per month for the 60 month. You could use the extra $500 to make a couple of payments until your situation changes in 4 months. At that point, you could pay down the loan - there is usually no prepayment penalty if you do not totally pay it off. So if you had, say, $200 left when your situation changes, you could apply the $200 to the loan without penalty.

Selling the company stock might be a choice depending on your income level. If your income is under $37,950 for single or $75,901, your capital gains tax rate (assuming that you held it for more than a year) would be zero.

I hope this answers your question! If you have any more, please feel free to ask and I will be happy to answer. And good luck!

Thanks! And have a great week!

Roger

taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 1,231
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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Customer reply replied 9 months ago
First, I am so sorry about your wife, my problems are so trivial, I have my health. Lastly, I am so glad I asked for help. I can easily pay off the 401K loan early, I think I make too much to benefit from selling the stock. Thank you for your response.

You are very welcome! If you need help in the future please feel free to ask for me on this site.

Have a great weekend!

Roger

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