On 3/17/06, Duane <[EMAIL PROTECTED]> wrote:
> Instead of breaking even this year as I expected we're now sending those
> &$%*ers $9500. I guess it's better than the 19k they nailed me for 2 years
> ago
And I'm sure they will spend all that money on some great things. You
know, I think that if a
Yeah - cashing in your 401k should be considered an option of absolute
last resort, even then you should think twice about it and find out
exactly how much the penalty is going to be. You can actually roll
that intop an IRA and can even borrwo money out or it to do certain
things with it (I think
I guess I am unclear about what your issue is with my argument.
Are you saying that with a flat tax the poor would be taxed on all
their money because all of their money is spent on food clothing and
shelter?
If so, I agree. I am of the opinon that when you run a flat tax you
definitely favor the
personally i do not understand whats wrong with a flat tax rate.
modified a bit, i guess, certain steps or zones of income should
pay less, and i'd even go so far as to say, as long as you have a
job, and are not in jail, and are working hard, etc etc etc, and
you are below the poverty line, that o
the problem with that though is that people who are eking out a living really
don't have the money to save. SO you would wind up with a situation like Social
Security where the poor are taxed on all their money and the wealthy only on a
small portion of it. Call me a wild-eyed liberal if you wil
Yeah, that 401k stuff can really get you.
> -Original Message-
> From: Paul Ihrig [mailto:[EMAIL PROTECTED]
> Sent: Friday, March 17, 2006 2:08 PM
> To: CF-Community
> Subject: Re: IRS Tax Rant
>
> yeah no doubt..
> i got nailed on the 401k thing...
> cashed
Good advice on the 401(k), a friend of mine is working at an H&R Block
tax prep station for some extra money and has been telling me of the
vast numbers of people that come in and are surprised to find out they
owe federal tax on top of the penalty...
The idea of a one rate tax appeals to me only
I don't know why you didn't consult an accountant before you cashed out your
401K. The 401K I had told me many times that I can't cash out without severe
penalties. When I did finally cash out my 401K to buy my house I only took out
the first 10K which is penalty free, but NOT tax free. So I had
yeah no doubt..
i got nailed on the 401k thing...
cashed out one from an old job to down payment on our first home.
had the penalty at first.
then save the federal till tax time...
didn't realize state was almost as much as federal...
~
All I gotta say is "Fair Tax Plan Baby!"
~|
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IRS Rant!
Even tho my wife and I moved home to Canada we still have to file US taxes
this year. No problems I figured. We both paid maximum with holding all year
so everything should be fine. I figured WRONG!
My wife and I cashed in our 401ks, and because of that we had to pay the 20%
federal t
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