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The Water Cooler
General Discussion
New job, rollover vs cashing out?
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<blockquote data-quote="kdlong" data-source="post: 1473761" data-attributes="member: 5982"><p>roll over in a ira. atleast you will be able to borrow against it if need be.if you pull it out you will pay taxes on that money plus on the money you earn the rest of the year.it is better to pull the money out at the first of the year then the end. that way you can save up for the tax difference during the year instead of having to come up with it all at once.you can count on 30% going to penalty and taxes off the top then the loan balance you might wind up with a little over 6000.00.</p></blockquote><p></p>
[QUOTE="kdlong, post: 1473761, member: 5982"] roll over in a ira. atleast you will be able to borrow against it if need be.if you pull it out you will pay taxes on that money plus on the money you earn the rest of the year.it is better to pull the money out at the first of the year then the end. that way you can save up for the tax difference during the year instead of having to come up with it all at once.you can count on 30% going to penalty and taxes off the top then the loan balance you might wind up with a little over 6000.00. [/QUOTE]
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