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Clementine
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Reged: 10/07/07
Posts: 534
Loc: East Coast USA
Found out 401K is an IRA - advice please -
      #223058 - 07/29/08 09:13 PM (68.83.185.78)
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Sorry I accidentally posted this on spousal board -
So I am struggling idea wise w/ cashing out - it is not a large penalty moneywise, the extra 10% I did not expect - it's less than 5K& my tax rate over the years wil get larger, I hope & I want to buy a home in the near future.Plus the market is so bad. I will not blow the money cashed - cd's & a roth, I guess. It affects my income for the year ( school lunch program) plus I would have tax issues, I guess..Help me.

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Regards, Clementine
CEO

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The way I see it..If you want the rainbow, you've gotta put up with the rain... d.parton
Love, Clem


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taryn
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Reged: 05/31/07
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Re: Found out 401K is an IRA - advice please - [Re: Clementine]
      #223103 - 07/30/08 12:32 AM (75.185.135.104)
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how will it affect youre school lunch and other benefits youre currently using?

is it income if you cash out? even to use it to buy a house or pay down debt? you already earned the money once, right?

plus
dont you fill out the lunch forms at the beginning of the year. for the entire year?
if you cash out after the forms. it should be okay.
and it's honest.
you dont know what youre going to do with the ira anyhow.
you might change your mind.

let us know.
good luck

--------------------
taryn.


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