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re: Don't *ever* do this

Posted by Eric on 2002-07-29, 17:31:01
posting from ip address:
I'm no investment expert (emphasis added), but cashing in a <br>401K is tax suicide.<br><br>As you've discovered, not only do you lose a huge chunk of <br>that money right to the government (which can then pass laws<br>like that stupid CARP thing), but if your extra income from<br>the 401K cash-out bumps you into a higher tax bracket (which<br>it almost certainly will), you'll have to pay the additional<br>tax on your *entire* income for the year. OUCH!<br><br>If you need that money for an emergency, I believe there are<br>provisions for allowing that without the stiff penalties.<br><br>If you don't like the way some of your mutual funds within<br>your 401K are performing, you can always change them to <br>something a little more stable. (lately I don't know if<br>there is such a thing).<br><br>

Other Messages In This Thread
Don't *ever* do this posted by: Techno Kid
re: Don't *ever* do this posted by: donna
re: Don't *ever* do this posted by: Techno Kid
re: Don't *ever* do this posted by: Techno Kid

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