4.6 β’ 682 Ratings
ποΈ 29 May 2025
β±οΈ 5 minutes
ποΈ Recording | iTunes | RSS
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0:00.0 | Brought to you by the Every Dollar app. |
0:04.3 | Start budgeting for free today. |
0:06.8 | I just recently found out that when I go to file my taxes, I am going to owe roughly $140,000 in taxes due to a early withdrawal. |
0:20.4 | I took out of a 401k last year and then to put down on a house. |
0:28.7 | So my question, I'm trying to figure out where the best place to pull money from, |
0:34.9 | either a home equity loan, I really don't want to do a payment plan with the IRS, |
0:39.9 | but I just don't know the best path forward. Did you know that this would be that you would have |
0:45.9 | to pay taxes on that money when you pulled it out? Did you know that this was coming? |
0:50.3 | So there's no blame. I did talk to the several individuals when I pulled the money from the |
0:57.9 | 401k about how I wanted to pay all the fees and taxes up front. I didn't do my part on the research |
1:03.6 | and I was misinformed that it had been paid. It was all caught up and I didn't realize |
1:10.1 | it didn't be near that much and I didn't realize. Oh, shit. |
1:11.1 | You didn't realize it hadn't been done until I went to follow my text. |
1:15.9 | Oh, gosh. |
1:16.9 | I'm sorry. |
1:18.0 | You know, Marty, honestly, I'd probably go pull a personal loan for it. |
1:21.4 | I think I would rather owe a bank than the IRS at this point, especially for the amount |
1:26.1 | it is. |
1:27.2 | It's going to take you a while to right |
1:28.9 | pay it off because how much do you make a year? Hey, sorry for the interruption. This is important. |
1:32.9 | No one likes to think about dying. But one day, your family will have to deal with everything you |
1:37.2 | leave behind. So the question is, will it be easy or a total nightmare? That's where Knockbox comes in. |
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