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post #1 of 9 Old 07-01-2004, 8:19 PM Thread Starter
 
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Financial People I need your assistance

Ok well I finally went back to work after 10 months (thank god) but now I need to repay a few debts that I had gotten from people as well as repay the taxes I owe. I currently have an IRA account with almost 11g through TRowe price that I was looking to use in some way to get some $$. From what I remember its just a standard IRA not a Roth. I don't want to close it and take the tax loss and pay all those penalties just to come home with 4g after all is said and done. Is there another type of account that I can roll it into that I could maybe take out a loan against like I used to do on my 401k plan? Or really anyother options? I don't mind paying a little in penalties just dont want to lose a major portion of it if you understand what I mean.

Its going to be another 2 weeks before I get my first check and I already fell behind on some bills so I am going to need a sum sometime soon so any help is appreciated


Tom
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post #2 of 9 Old 07-01-2004, 11:46 PM
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Re: Financial People I need your assistance

With a Traditional IRA the IRS will get you for a 10% excise tax if you withdraw funds from it before age 59 1/2. You really should leave that money if at all possible. You can't move it anywhere and avoid that penalty. Some qualified withdrawals can be taken for special cases, like first time home purchase or secondary education. The IRS also does not permit loans from IRAs. It's just a partial withdrawal, which is subject to at least federal (and likely state) income tax. The 10% excise tax will be piled on top of that if you haven't reached age 59 1/2. These restrictions are the side effect to the tax-deferred status they enjoy if you leave them alone.

Last edited by tigerblade; 07-01-2004 at 11:47 PM.
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post #3 of 9 Old 07-02-2004, 12:51 AM
 
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Re: Financial People I need your assistance

I believe he was asking about borrowing against it...YES you should be able to use it as collateral...check with your bank and maybe several other banks and credit unions for the best rate...good luck.


J
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post #4 of 9 Old 07-02-2004, 7:54 AM
 
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Re: Financial People I need your assistance

CALL YOUR CEDITORS and explain to them what has happened and that you now have a job and will be paid in 2 weeks. MAKE A PAYMENT PLAN with them, they will work with you as collection is expensive.
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post #5 of 9 Old 07-02-2004, 8:49 AM Thread Starter
 
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Re: Financial People I need your assistance

Thanks for your help guys I think I am just going to call the companies and see what I can do. They are going to get paid in a week or 2 once my damn check hits so maybe they can just hold off any damn actions till then. As for the others I guess I will just wait and see what happens b/c a friend of mine does construction on the side with his father and he called me last night to see if I would be interested in doing it with them on the side. So maybe I can get some extra $$ and not have to borrow money which I hate doing

:cheere:
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post #6 of 9 Old 07-02-2004, 9:47 AM
 
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Re: Financial People I need your assistance

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Originally Posted by TGZ13
As for the others I guess I will just wait and see what happens b/c a friend of mine does construction on the side with his father and he called me last night to see if I would be interested in doing it with them on the side.
My hat is off to you. I get sick and tired of hearing people complain that they are having problems keeping up financially and can't get off their lazy asses to get a second job. When you are in debt and struggling, all bets for a weekend break are OFF! No one should be too "proud" to work sun-up to sun-down on Saturdays and Sundays, no matter what the job might be. And people wonder why we have so many illegal aliens in this country? It's because we're too gawt-damn phucking fat and lazy to get off our asses and WORK!

Sorry, rant mode off.
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post #7 of 9 Old 07-02-2004, 10:09 AM Thread Starter
 
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Re: Financial People I need your assistance

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Originally Posted by Pete
My hat is off to you. I get sick and tired of hearing people complain that they are having problems keeping up financially and can't get off their lazy asses to get a second job. When you are in debt and struggling, all bets for a weekend break are OFF! No one should be too "proud" to work sun-up to sun-down on Saturdays and Sundays, no matter what the job might be. And people wonder why we have so many illegal aliens in this country? It's because we're too gawt-damn phucking fat and lazy to get off our asses and WORK!

Sorry, rant mode off.
I agree with you 100% I have always been one of those people who work their asses off for what I have and its no different when I am struggling a little. Its only for the next couple of months till I catch up so its all good. Besides even after the bills are paid its always nice to have extra $$ (without getting handouts)
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post #8 of 9 Old 07-02-2004, 10:37 AM
 
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Re: Financial People I need your assistance

Quote:
Originally Posted by Pete
My hat is off to you. I get sick and tired of hearing people complain that they are having problems keeping up financially and can't get off their lazy asses to get a second job. When you are in debt and struggling, all bets for a weekend break are OFF! No one should be too "proud" to work sun-up to sun-down on Saturdays and Sundays, no matter what the job might be. And people wonder why we have so many illegal aliens in this country? It's because we're too gawt-damn phucking fat and lazy to get off our asses and WORK!

Sorry, rant mode off.
Pete, shows what you know.
The government is supposed to be responsible for all those too lazy to work. The government owns all the money, the rich people make their money by being lucky or by keeping the poor down. The rich should pay their fair share of taxes to be sure the lazy poor people get free money they neither deserve or earn from through the wonderful government income redistribution program known as welfare.
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post #9 of 9 Old 07-02-2004, 12:11 PM
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Re: Financial People I need your assistance

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Originally Posted by fumbducker
I believe he was asking about borrowing against it...YES you should be able to use it as collateral...check with your bank and maybe several other banks and credit unions for the best rate...good luck.


J
You most likely can't borrow money with an IRA as collateral. You can do it with a NonQualified annuity, but not an IRA. This is what I do now...
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