[quote=John McClane][quote=doubledenim][quote=John McClane]So as far as I can tell the potential growth on the money I am thinking of withdrawing is about $2000 less than the interest I would pay on the debt I want to use it for. Geez, this is tough. I really don’t want to touch my retirement but I’d like the breathing room. Too bad the repayment option of the withdrawal makes no sense to me and would require an accountant to file.[/quote]

[font=century gothic]I haven’t had my second cup yet, but...

Are you talking about borrowing against your 401k? I didn’t think it was that complicated.

I have a co-worker who would go on-and-on about how him and his wife never got bank loans. They would just borrow against their 401k. He didn’t make it sound like that much trouble.

[/font][/quote]It is way complicated. Normally there is a 10% penalty fee if it’s taken as a withdrawal. Some provide options for loans that get around that. The CARES Act allows you to take a withdrawal without the penalty if you’ve been adversely affected by corona, like a hurting new business. The act also allows you to spread that taxable income across 3 years, and if you pay it all back and file an amended return then it’s like you never took it so you avoid the taxes all together. The problem is the amended return needs an accountant because they didn’t make it easy.[/quote]

[quote=doubledenim][quote=John McClane]Aye, scary thing is the more the world burns the greener the Appalachians get. I ain’t never seen skeeters like we got now.[/quote]

[font=century gothic]I’m gonna retire to the mountains. The more pages that flipped on the calendar, the less tolerant I become to humidity.[/font][/quote]

[quote=doubledenim][quote=John McClane]So as far as I can tell the potential growth on the money I am thinking of withdrawing is about $2000 less than the interest I would pay on the debt I want to use it for. Geez, this is tough. I really don’t want to touch my retirement but I’d like the breathing room. Too bad the repayment option of the withdrawal makes no sense to me and would require an accountant to file.[/quote]

[font=century gothic]I haven’t had my second cup yet, but...

Are you talking about borrowing against your 401k? I didn’t think it was that complicated.

I have a co-worker who would go on-and-on about how him and his wife never got bank loans. They would just borrow against their 401k. He didn’t make it sound like that much trouble.

[/font][/quote]

[quote=John McClane]I am missing the simplistic days when I would be the one tearing up a computer system instead of trying to make sense of it after the fact.[/quote]

[quote=John McClane]Government. Taxes. Bleck. :indifferent:[/quote]

[quote=John McClane]So as far as I can tell the potential growth on the money I am thinking of withdrawing is about $2000 less than the interest I would pay on the debt I want to use it for. Geez, this is tough. I really don’t want to touch my retirement but I’d like the breathing room. Too bad the repayment option of the withdrawal makes no sense to me and would require an accountant to file.[/quote]

[quote=Chypmunk][i]There's a spammer on the loose again
A spammer on the loose
There's a spammer on the loose again
A lazy spammer on the loose[/i]
[indent][font="Tahoma"][size="2"]Tin Lizzee[/size][/font][/indent][/quote]

[quote=MovieGal]WTH.. a spammer on the loose![/quote]

[quote=Powdered Water][I]Take the only tree that's left and stuff it up the hole in your culture.[/i][/quote]

[quote=John McClane]Just a sea of greenery.[/quote]

[quote=John McClane]Aye, scary thing is the more the world burns the greener the Appalachians get. I ain’t never seen skeeters like we got now.[/quote]