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The Ramsey Show Highlights

I Owe $140,000 To The IRS

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 β€’ 682 Ratings

πŸ—“οΈ 29 May 2025

⏱️ 5 minutes

🧾️ Download transcript

Summary

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Transcript

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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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