Did you know: 401k $100k withdrawls.
10-15-2020, 08:14 AM
#1
Gets Weekends Off
Thread Starter
Joined APC: Sep 2010
Position: EWR 777 Captain
Posts: 1,715
Did you know: 401k $100k withdrawls.
I am not a tax advisor and there are folks here with far more knowledge than me on this topic, BUT as I understand, we as pilots at UAL, can withdraw up to $100k without penalty because our hours have been cut, and you can do so through the Schwab website. I only mention this because it recently came to my attention that some pilots are unaware of this option.
I am NOT advocating that anyone take out money from their 401k. I am just sharing information I think not everyone knows.
I am NOT advocating that anyone take out money from their 401k. I am just sharing information I think not everyone knows.
10-15-2020, 08:21 AM
#3
Gets Weekends Off
Joined APC: Apr 2010
Posts: 694
Originally Posted by Sunvox
I am not a tax advisor and there are folks here with far more knowledge than me on this topic, BUT as I understand, we as pilots at UAL, can withdraw up to $100k without penalty because our hours have been cut, and you can do so through the Schwab website. I only mention this because it recently came to my attention that some pilots are unaware of this option.
I am NOT advocating that anyone take out money from their 401k. I am just sharing information I think not everyone knows.
I am NOT advocating that anyone take out money from their 401k. I am just sharing information I think not everyone knows.
10-15-2020, 08:33 AM
#4
Gets Weekends Off
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Joined APC: Sep 2010
Position: EWR 777 Captain
Posts: 1,715
Originally Posted by Chuck D
Not sure but didn't the deadline pass for this? If not, do a serious review of tax implications if you consider. No penalty, but (roughly speaking) it's counted as income spread over 3 years so it's going to be taxed at your marginal rate for state and fed.
10-15-2020, 08:34 AM
#5
Gets Weekends Off
Joined APC: Jun 2007
Position: 767/757 CA
Posts: 2,609
Originally Posted by Chuck D
Not sure but didn't the deadline pass for this? If not, do a serious review of tax implications if you consider. No penalty, but (roughly speaking) it's counted as income spread over 3 years so it's going to be taxed at your marginal rate for state and fed.
10-15-2020, 07:50 PM
#7
Gets Weekends Off
Joined APC: Sep 2019
Posts: 1,538
Originally Posted by 123494
Why would anyone do this? That money is earmarked for retirement, no? It just complicates your planning when trying to do this.
I guess most people would make that decision somewhere between fully employed and normal paycheck and furloughed and facing foreclosure.
10-16-2020, 10:49 AM
#8
Gets Weekends Off
Joined APC: May 2009
Position: The GF of FUPM
Posts: 3,073
Originally Posted by 123494
Why would anyone do this? That money is earmarked for retirement, no? It just complicates your planning when trying to do this.
Will likely be taking advantage of it. Penile reduction surgery, P51 dual, Gas, beer n bait, bourbon...
10-16-2020, 02:17 PM
#10
Beaches and Sand
Joined APC: Feb 2007
Position: Chasing Surf
Posts: 368
Originally Posted by oldmako
Half a dozen good reasons, right off the top of my head.
Will likely be taking advantage of it. Penile reduction surgery, P51 dual, Gas, beer n bait, bourbon...
Will likely be taking advantage of it. Penile reduction surgery, P51 dual, Gas, beer n bait, bourbon...
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