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Old 11-08-2013, 06:54 AM   #11
Andy4639
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Join Date: Jan 2002
Location: Liberty, & Garden City S.C. , U.S.
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Wink Re: 2003 LSx swap thread...here we go

Quote:
Originally Posted by 68c10airstream View Post
Hi Andy, years ago when this co-worker and i were younger (40ish) he cashed in his 401k for a down payment on a new van. I cautioned him that he would get 60 cents on the dollar in the account. He told me it had 10k in it. I said he will be hit with a 10% penalty for withdrawl before 58 1/2, and said to take the taxes out upon withdrawl otherwise it's taxable income at the end of the year. Anyway he did it and got $6100 after penalty and taxes removed. Maybe this is all changed now, but he hated me that day i told him but later appreciated the info and saved the tax hassle later. Just trying to be helpful, don't mean to pry as money and personal matters can be a hot subject! Good luck, Brian F.
Yea I know,
I'm closing out the account. I opened it back when I first started working for D/E 35 years ago. The account isn't very friendly when I want to move it. I'm transferring most of it to our joint 401K so I can move it around better.
I'm keeping enough out to finish the remodel of the house and the truck though.
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