Airline Pilot Central Forums - Any "Latest & Greatest" about Delta?

Absolutely.

Want me to tell you how I did it this past summer?

$2500 401K from a car dealership. Never did anything with it as I had plenty in other 401Ks. To roll it into one of the others would've been silly for two reasons a) I needed the money to help offset $8K in unexpected home and car expenses in a span of 30 days this past summer and b) I lose more than $2500 sometimes in those 401ks in a single day.

I cashed it out. Very easy. Very quick. I'd never do it on a 401K worth more than, well, $2500.

My brother used to have one of those six figure salaries in pharma (oxycotin), that went to 0 three or four years back. He was underemployed for a while and eventually had to cash out of a 401K to save the house and never paid taxes on it because of all the other losses.

It's a 10% penalty and they withhold taxes on it.

PG got punked! Nicely done FTB....

capncrunch

11-20-2010 08:20 AM

Quote:

Originally Posted by tsquare (Post 904222)

PG got punked! Nicely done FTB....

BaaaZiiing!

nwaf16dude

11-20-2010 08:23 AM

Quote:

Originally Posted by JABDIP (Post 904219)

Darn, I let out the secret "Super Premium Wide Body New Years Eve Party" at Carl's house.:eek:

Everyone's invited... you just have to prove you are on sick leave to get in;)

slowplay

11-20-2010 08:25 AM

Quote:

Originally Posted by tsquare (Post 904222)

PG got punked! Nicely done FTB....

Not exactly....

You might want to read the IRS rules (ya know, the ones requiring separation of employment) before you throw out the "punk" word, Einstein.:p:D

You sure are testy these days, T. UT's season got you down?:confused:

maddogmax

11-20-2010 08:54 AM

Quote:

Originally Posted by Brocc15 (Post 904213)

Now this is nothing new, but I am new so I just looked at it for the first time yesterday, and am wondering if I am interpreting this correctly. We can take a loan out from our retirement savings with a standard amoritization and pay interest, but we are paying the interest back to ourselves so we aren't really being charged anything? And it also said no tax penalties. If that is right, that's awesome. Could you then use that for part of a downpayment for a home and essentially not pay interest on that portion? Maybe I am completely misinterpreting this.

All true. It is a good deal if your investments go down, not so good if they go up as you lose that portion for appreciation. You can use the money for anything you want but there are limits on how much you can take out. Check with your tax/financial planner to see if it is the best thing to do.

buzzpat

11-20-2010 08:54 AM

Quote:

Originally Posted by Brocc15 (Post 904213)

Nope, you got it. I just took one out.

newKnow

11-20-2010 08:56 AM

Quote:

Originally Posted by slowplay (Post 904233)

Not exactly....

You might want to read the IRS rules (ya know, the ones requiring separation of employment) before you throw out the "punk" word,

You sure are testy these days, T. UT's season got you down?:confused:

They are having "coaching" troubles all around (basketball, too). I wonder if ts was at that bar-b-que? :D

tsquare

11-20-2010 08:56 AM

Quote:

Originally Posted by slowplay (Post 904233)

Not bummed about the Big Orange at all really. If we win out, we go bowlin' Hey even the Music City Bowl would be unexpected these days so it's all good. And my testiness is more centered around the hopie/changie thing and the fact that it seems EVERYBODY is sticking their hand in our pocket. I don't wanna wait until 2015 to see some real changes. Lee has 6 months... Tim.. even less. Tell 'em to fix the reserve system. You got their ear.

As far as the "being punked" thing... just stirrin the pot. I like watching the hornets.. and PG is waaaaaay too easy

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