401K withdrawal

[YAX]

Has any of you withdrawn your 401K yet?  No penalties right now and real easy to do.  Up to $100K.

In general, section 2202 of the CARES Act provides for expanded distribution options and favorable tax treatment for up to $100,000 of coronavirus-related distributions from eligible retirement plans (certain employer retirement plans, such as section 401(k) and 403(b) plans, and IRAs) to qualified individuals

[hmgROCK]

Has any of you withdrawn your 401K yet?  No penalties right now and real easy to do.  Up to $100K.

yax
you going through hard time man???

when you work, you can put money into your workplace 401k plan (if they offer)
every paycheck...
they take out $100 (whatever percentage you agree on)
that $100 hasn't been tax yet (federal tax, state tax whatever.. it does get SS and medicare tax though)


if you take the money out before 59.5 years old...
you get hit with a 10% penalty tax
plus with the taxes you owed (20% ish  depend on your bracket)



this law just take out the 10% penalty
you still have to pay the taxes you owe

[hmgROCK]

so no 10% early penalty
but you will still have to pay the taxes on it  (20-25% depending on your bracket)
because when your employer put the money in, it wasn't tax


SHORT ANSWER:  no don't take anything out of your 401k... just use your saving, ask friend and family
unless you are in deep debt, about to live in the street

[YAX]

Plus, you can't withdraw from your 401K unless you leave your job so this is a good opportunity to do it without leaving your job.  People who have a 401K plan, you can now take that money out and buy that home you've always wanted or pay off some bills.  No penalty.

 

[theking]

We're good at the moment with about $300k liquid deposit in our big and small savings account..

[YAX]

We're good at the moment with about $300k liquid deposit in our big and small savings account..

Good for you. 

[hmgROCK]

Plus, you can't withdraw from your 401K unless you leave your job so this is a good opportunity to do it without leaving your job.  People who have a 401K plan, you can now take that money out and buy that home you've always wanted or pay off some bills.  No penalty.

 

bro...

you going get hit with 20-25% income tax (depending on your bracket... remember you didn't pay federal and state tax on that income yet)
cash is dirt cheap right now....
plentlyful

just go get a loan with 2.5% interest 30 years
hahaha


i saw my local credit union offering new houses with 2% rate

damnnnn crazzy dirt cheap printed money$$$$$

[theking]

WTF ...

you get hit with a 10% penalty tax

no 10% early penalty

[hmgROCK]

time must be hard.... huh

[theking]

Personally, I'm fortunate to have learned to work diligently over the years and earned a honest pay as well as learned to save up to have a decent size liquid asset in my bank accounts to help me live comfortably as a middle class..in the last couple of decades so I'm still doing well thus far.

"time" is "hard" for some..I mean when you see some come online to sites like this and pleaded for others to "PRAY FOR ME YO!!!!!" ..even when they don't believe in prayers, you know it's "hard" for them...

Having said that, some of them only have themselves to blame for being "LAZY" and instead of earning their keeps, they rather just make excuses and worst, "cheat, lies, and steal"...like the "SHAMELESS" leeches that they are...and yes, they'll even steal from the poor..no shame, no compassion at all..just in full-on "negative" mode..

[hmgROCK]

Someone is broke
Good advice to sell your “vehicle”
Hardship time are ahead

Can take loan againt your house equity if you like

[hmgROCK]

Ask friend and family
Become a uber driver
Sell me your TACO

DONATE PLASMA

do California weed in the mountains

[theking]

Another LOSER LIAR move (making up more LIES) with zero proof because he loss..

As member darkhelmet put it, you're just "jealous" of others that have things you can't afford because they actually earned it...

"broke" is pleading to others for "PRAY FOR ME YO!!!!!" 

[hmgROCK]

someone is going through hard time
had to sell his "vehicle"  which is a actually just a trailer
like MR MECH say it himself

hahahah 

[theking]

"someone is going through hard time" with his "reading" issues (per other PH members) even after Mr_Mech explains it in simple form...so he continues to use his LOSER LIAR move (making up more LIES) with zero proof because he loss..

As member darkhelmet put it, you're just "jealous" of others that have things you can't afford because they actually earned it...

"broke" is pleading to others for "PRAY FOR ME YO!!!!!"