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Post by tbydaytona40 on Apr 13, 2009 18:47:08 GMT -7
so I knew my wife pulled some money from the 401K when we moved up here for the down payment on the house we were going to buy. When the loan fell thru I thought she put most of it back. She told me around december that she had not. Also told me it was spent. OUCH. Thought it was about 3K
WRONG
She pulled 7300!!! Its gone! totally gone! Never paid back. We owe over $4400 between federal and state taxes!! OMFG!
Anyone wanna rob a bank with me?
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Post by MikEy on Apr 13, 2009 19:07:59 GMT -7
just give me a time and place
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Post by BENISASPUD on Apr 13, 2009 19:32:36 GMT -7
We could pull an Ocean's 11. ;D
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Post by Admin on Apr 13, 2009 20:41:38 GMT -7
I'm in
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Post by tbydaytona40 on Apr 13, 2009 20:53:20 GMT -7
if there are gonna be 11 of us we need to hit wendover
On the plus side of any heist, even the UHP couldnt catch our cars
Their helicopters on the other hand..... let me think about this....
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Post by BENISASPUD on Apr 13, 2009 23:43:18 GMT -7
Most helicopters that highway patrol can get ahold of can only go about 160-165mph. So if we can get to that speed or faster before the helicopter, I think we are good. It takes my car 1 minute and 45 seconds to get to 160 and the helicopter is going to take about 2 and a half minutes. Just a thought. I wouldn't know too much about this at all. lol. ;D
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Post by hemifuk on Apr 14, 2009 5:58:22 GMT -7
hey you all know ill stay at a steady top speed ...... ill help out for the club lol.
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Post by RT722 on Apr 14, 2009 7:00:15 GMT -7
Sorry to hear that man. That totally blows. It looks like someone is going to be on payment plans with the IRS
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Post by Deleted on Apr 14, 2009 7:57:07 GMT -7
so I knew my wife pulled some money from the 401K when we moved up here for the down payment on the house we were going to buy. When the loan fell thru I thought she put most of it back. She told me around december that she had not. Also told me it was spent. OUCH. Thought it was about 3K WRONG She pulled 7300!!! Its gone! totally gone! Never paid back. We owe over $4400 between federal and state taxes!! OMFG! Anyone wanna rob a bank with me? So Jack, This is not a bad situation. Let me explain why. While I dont always recommended one take a loan on their 401k. Its sometime could help, sure ya may lose a little compounding interest, but in this down turn of the market, you aren't really gaining too much compounding interest anyway. If you were fortunate enough to take loan out when you were at or near the Market high, you will most likely be repaying at the low for the same share/fund you sold at high. Another positive side is that you are repaying your self at a much lower rate. Usually 3 or 4% and could use that money to pay off or towards a loan that maybe be over 12% to 24%. Plus 401k loans dont affect your credit score, but using the money to bring down or pay off credit card will increase your score, which could get you better rates for everything from mortgages to lower rate cards. |
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Post by RT722 on Apr 14, 2009 8:08:44 GMT -7
so I knew my wife pulled some money from the 401K when we moved up here for the down payment on the house we were going to buy. When the loan fell thru I thought she put most of it back. She told me around december that she had not. Also told me it was spent. OUCH. Thought it was about 3K WRONG She pulled 7300!!! Its gone! totally gone! Never paid back. We owe over $4400 between federal and state taxes!! OMFG! Anyone wanna rob a bank with me? So Jack, This is not a bad situation. Let me explain why. While I dont always recommended one take a loan on their 401k. Its sometime could help, sure ya may lose a little compounding interest, but in this down turn of the market, you aren't really gaining too much compounding interest anyway. If you were fortunate enough to take loan out when you were at or near the Market high, you will most likely be repaying at the low for the same share/fund you sold at high. Another positive side is that you are repaying your self at a much lower rate. Usually 3 or 4% and could use that money to pay off or towards a loan that maybe be over 12% to 24%. Plus 401k loans dont affect your credit score, but using the money to bring down or pay off credit card will increase your score, which could get you better rates for everything from mortgages to lower rate cards. Thats great info there! |
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Post by Deleted on Apr 14, 2009 8:37:42 GMT -7
It helped us out quite a bit, Wife & I were lucky enough to borrow lil over 15k (which has been repaid since) when we bought our house before the boom back in 04 and were fortunate enough to gain alot of equity in a short time, which we didnt maximize to our full benefit. Should have sold our house at the peak, but oh well. Anyways yeah, I lost some compounding interest, but the equity we acquired out weighed the compound interest. So I am happy with that. I hope everyone has a 401k especially if employer is match any of it. If not, there are more retirement vehicles such as Roth IRA which ya can withdrawal without alot of penalties. Oh, yeah, the younger the better. I wished I started planning & investing when I was 18.
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Post by RT722 on Apr 14, 2009 8:41:42 GMT -7
It helped us out quite a bit, Wife & I were lucky enough to borrow lil over 15k (which has been repaid since) when we bought our house before the boom back in 04 and were fortunate enough to gain alot of equity in a short time, which we didnt maximize to our full benefit. Should have sold our house at the peak, but oh well. Anyways yeah, I lost some compounding interest, but the equity we acquired out weighed the compound interest. So I am happy with that. I hope everyone has a 401k especially if employer is match any of it. If not, there are more retirement vehicles such as Roth IRA which ya can withdrawal without alot of penalties. Oh, yeah, the younger the better. I wished I started planning & investing when I was 18. Yeah I wish I would have started investing in my 401k sooner as well. My company used to match but with the economy they no longer do so |
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Post by greg095 on Apr 14, 2009 10:26:59 GMT -7
Dang Jack. Beer is on me Saturday night.
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Post by BENISASPUD on Apr 14, 2009 10:43:21 GMT -7
That sucks Jack. Hope you get things figured out.
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Post by tbydaytona40 on Apr 14, 2009 19:34:22 GMT -7
Actually, it was an IRA account with Fidelity. SHe had rolled her 401 into it. Oh well.
So, about those banks....
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You alone are gonna bring this country out of recession with the $ you are putting into her! LOL -Pogo