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I want my 401k money now!!!
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 3472078" data-attributes="member: 12570"><p>We had a driver withdraw $120K or so to buy a vacation home. She forgot to plan for the tax hit------she told me that she was doing her taxes over the weekend and was shocked when she learned that has to pay an additional $20K in tax.</p><p></p><p>I made a similar but smaller mistake last year. I withdrew $6K from my Roth IRA to pay off my son's credit cards and totally forgot about the tax implications, which came out to about $2K combined for state and federal.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 3472078, member: 12570"] We had a driver withdraw $120K or so to buy a vacation home. She forgot to plan for the tax hit------she told me that she was doing her taxes over the weekend and was shocked when she learned that has to pay an additional $20K in tax. I made a similar but smaller mistake last year. I withdrew $6K from my Roth IRA to pay off my son's credit cards and totally forgot about the tax implications, which came out to about $2K combined for state and federal. [/QUOTE]
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I want my 401k money now!!!
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