Cash out 401K - Page 2

river031403 · 04-19-2015, 12:19 PM

Quote:

Originally Posted by freedom

just make sure you actually pay off the loan.
if you can't or don't, within a month or so, someone will knock on your door wanting 50% of your unpaid balance on the loan.
The unpaid balance will be seen by the IRS as income that wasn't taxed.

It's never happened to me. They take automatic draft repayment loan right out of my check

FrankW · 04-19-2015, 02:05 PM

Or stop buying paintball stuff until your cc is paid off.

sniper97 · 04-22-2015, 07:38 PM

If you are under 59.5 yrs old, there is a 10% penalty + the amount you take out is now taxed as income, you claim it on your income taxes.

Options: you maybe able to leave it where it is, trf to the 401k at your new job or trf into an IRA.

Avoid taking it out unless you have no other options.

chrislognshot · 04-22-2015, 07:41 PM

best thing to do is roll it over. i did that my 401k and turn out to best thing i did went from have 3.7k now to over 6k. also you do not have to roll over to new company 401k you can get new one and leave that one alone. all you have to do make sure you know someone know what they are doing. like i did. i never have to pay into or pay back on loses. all they do is take out if lose and add more if goes up.

sniper97 · 04-23-2015, 10:33 PM

Buy 3 carter ducks! Lol

04-19-2015, 02:05 PM	#12 (permalink)
FrankW MCD Member Join Date: Mar 2012 Location: So Cal (OC)	Or stop buying paintball stuff until your cc is paid off. __________________ Feedback

04-22-2015, 07:38 PM	#13 (permalink)
sniper97 Post Whore Join Date: Jul 2006	If you are under 59.5 yrs old, there is a 10% penalty + the amount you take out is now taxed as income, you claim it on your income taxes. Options: you maybe able to leave it where it is, trf to the 401k at your new job or trf into an IRA. Avoid taking it out unless you have no other options. __________________ Originally posted by heinous: "sniper's gun always gets extra camera love"

04-22-2015, 07:41 PM	#14 (permalink)
chrislognshot Post Whore Join Date: Jul 2006	best thing to do is roll it over. i did that my 401k and turn out to best thing i did went from have 3.7k now to over 6k. also you do not have to roll over to new company 401k you can get new one and leave that one alone. all you have to do make sure you know someone know what they are doing. like i did. i never have to pay into or pay back on loses. all they do is take out if lose and add more if goes up. __________________ pc steam handle chrisfallout666

04-23-2015, 10:33 PM	#15 (permalink)
sniper97 Post Whore Join Date: Jul 2006	Buy 3 carter ducks! Lol __________________ Originally posted by heinous: "sniper's gun always gets extra camera love"