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I am retiring I need to take money from my 401k to pay off
I am retiring I need to take money from my 401k to pay off many debts should I take it in lump sum and pay them off now or take monthy withdrawals and make monthly payments to pay them off over the ne… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
I have a pension that I can cash out (just left my job) in
I have a pension that I can cash out (just left my job) in the neighborhood of 165000; I have 68,000 in credit card debt and 22,000 in auto debt. The CC payments are almost 1800/month to maintain, and… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,056 satisfied customers
We have two mortgages, one in where my husband and I both
We have two mortgages, one in KY where my husband and I both current live and are employed, and 1 new one in FL where we bought a second home (condo) to use at our leisure; we cannot rent out per our … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
I'm taking a $350,000 lump sum pension buy out. My taxable
I'm taking a $350,000 lump sum pension buy out. My taxable income last year was about $9,000. I owe about $110,000 on my home. I was thinking about taking 140,000 in cash and paying off the house and … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
I have a question about a 401K withdrawal. I have 27 thousand
I have a question about a 401K withdrawal. I have 27 thousand dollars in debt and can't keep up with the payments. I want to withdraw my 401k which about 56 thousand dollars and pay off the debt. I pl… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
I have a loan against my 401k. I have looked into a hardship
I have a loan against my 401k. I have looked into a hardship withdrawal but feel I won't qualify under the terms presented as a reason for needing the withdrawal. I am 55 and still working for the com… read more
William Ellis, CPA
William Ellis, CPA
Master's Degree
232 satisfied customers
In 2007 I left a job and cashed out my 401K in order to cover
In 2007 I left a job and cashed out my 401K in order to cover living expenses. I moved to another state where I found a new job 4 months later. I used the unused money to put a down payment on a home.… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Hello. I currently have a 401K that is pretty much dormant.
Hello. I currently have a 401K that is pretty much dormant. The company that I had it with went into bankruptcy. I have 52K in this 401K and a separate 401K with my current employer. I know that I hav… read more
DanielleCPA
DanielleCPA
Certified Public Accountant
Bachelor's Degree
984 satisfied customers
I am unemployed and considering a hardship withdrawal from
I am unemployed and considering a hardship withdrawal from my 401K to pay off the mortgage on my primary residence (140K). Will I be subject to a penalty tax? I will not have any other income on my 20… read more
Jacy
Jacy
Bachelor's Degree
434 satisfied customers
I need help, have a fair amount of consumer debt in addition
I need help, have a fair amount of consumer debt in addition to my 1st & 2nd mortgage. It is looking like I will not be able to make all my minimum payments within just 1 month or so from now. I have … read more
socrateaser
socrateaser
43,142 satisfied customers
Dumb me, this last year I cashed in my 401K to pay off many
Dumb me, this last year I cashed in my 401K to pay off many pressing debts as my income had fallen to the point that this was the action. 20% was deducted and my regular pay check had plenty taken out… read more
Chad Oberg
Chad Oberg
Director
Bachelor's Degree
126 satisfied customers
I will be losing my job in 5 mths due to the company closing.
I will be losing my job in 5 mths due to the company closing. Unemployment will not cover my expenses and I will blow through my savings in about 3 mths after that. If all goes well, I will be gainful… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
Hi, If you had a 401K with approx $100K and owed approx $70K
Hi, If you had a 401K with approx $100K and owed approx $70K for unsecured debts, and you were 56.5 yrs age, would you take out the 401K balance right now and pay the interest and penalties, or ride t… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
We live in Pennsylvania and my husband is 40 years old and
We live in Pennsylvania and my husband is 40 years old and has about $50,000 in his 401K. We have two years left to collect about $10,0000 in adoption tax credit which we will never be able to recoop … read more
Bill
Bill
Master's Degree
2,074 satisfied customers
I have seen lots of savings in my 401k steadily reduce over
I have seen lots of savings in my 401k steadily reduce over the last year. I just got laid off from my job. I have 3 months reserve to pay bills before I tap 401k savings. But perhaps I am better off … read more
Bill
Bill
Master's Degree
2,074 satisfied customers
I am going to get a divorce in the state of georgia. I have
I am going to get a divorce in the state of georgia. I have appx 150,000 in a 401k. I have about 40,000 in debt if I combine cars and credit cards. My lawyer wants a 5000 dollar retainer and tells me … read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
968 satisfied customers
My question is regarding 401k plans and related taxes. Basically,
My question is regarding 401k plans and related taxes. Basically, I've been thinking about taking the money from a previous employers 401k plan and using it to pay off credit card debt. I'm in my mid … read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
1,732 satisfied customers
I know your not supposed to withdraw from your 401K ...
I know your not supposed to withdraw from your 401K account...ever.... but I have been ''swimming" for almost year juggling all bills - credit cards, installment loans and including my mortgage recent… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
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