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Asked 11/27/2008
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Can I cash out 401 and apply to mortgage balance without penalty. Female, age 62, drawing social security. Husband, age 68, working and drawing social security. |
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I currently have a balance in my 401k of $85,000 and my wife has roughly the same. i am weighing the pros and cons of paying the penalties and using the money to pay down my mortgage (current balance is roughly $225k). our current income is about $125k annually. my question is in regard to the escalation...
I had income of $13,000 from a job in 2008. i retired in june 2008 at age 69. i get a monthly social security check of $1000 . i am single and now want to take out all money in my 401 k in cash for my living expenses. can i claim losses to my 401 k on my income tax return form? i own a home...
The same as above
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Does it make sense to cash out my 401k to pay down a mortgage? I currently have a balance in my 401k of $85,000 and my wife has roughly the same. i am weighing... |
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How can i claim the major losses to my 401 k on my income tax form for 2008 ? I had income of $13,000 from a job in 2008. i retired in june 2008 at age 69. i get a... |
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1230 dollars in a 401.if i cash out what are the taxes or penalty The same as above |
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