Could You Stay in Business or No?

I get charged taxes when I make withdrawals. Which is a bunch of bs cuz the money that went in. Came out of my paycheck. AFTER taxes.

 

401k? no. Those were not charged for taxes. They were given to the 401k administrator and deposited into a special account untaxed. The remaining income was what was taxed. And that is what you pay your annual tax on. THAT portion of the income earned that is NOT sitting in the 401k.

If you withdrew 401k as we did you will find that its 10% gone immediately, then taxed each year as a annuity distribution until your 9th year give or take a year and you will find that say 7000 dollar balance has become a hollowed out measly 2400 or so a little less than what your own contributions were. The company match would have been wiped out and the taxes got the rest.

It would have been better to save that 4000 dollars yourself in savings at your bank rather than chase a company match. And endure the taxation.

The other side of the 401k facing wall street as it collapses epic ally this year.. is that the prinicpal is evaporating. With the losses and banks going out of business and all sorts of funds burning down etc that 7000 401k balance might be reduced to 3000. And thats it if they are still standing. Legally that money has to be held ready to write back to you at any time in such a force Majure situation (Act of God) which is what Covid19 is turning out to be.

And its gone. So goes the illusion of our past life before the beginning of this year.

 

Cash always makes folks feel good but just go to your bank and cash one check. You waisted more time and money running around from bank to bank than you “believe” you saved.
You don’t get taxed for money coming out of your account, unless it is a 401K

 

Not saying that they were illegal, just that certain things trigger an audit, and yes they look at investment accounts.

 

You try to pull 10 thousand out of your account there is a form that must be filed. Even if you exchange 10 thousand in 20s for 100s a form is required .

I lent him 80 to buy a boat he found that he was going to fix and flip while he lived on it . He found another good deal on another boat that I bought. I decided I didn't want to be tied down by the boat and the boat he was going to buy deal fell through.

He sent me back my loan plus paid me for my boat.

Not many banks going to hand over 140k in cash and I don't want to walk out of a bank with it on me.
I have my reasons why I don't desire large quantities of cash sitting in my account . Haven't worked in 9 months. I'm waisted all the time.

 

(?) ‘We have to open our country again,’ says Trump, even as he warns of ‘a lot of death’ in coming weeks

(idk)

 

Yep I'm on the cuff of begging my ex to get her 401 out.
Her gains from the last 3 years are gone.She does maximum contribution as her work is very generous with their match.

Try to get her to restrain her contribution and just get her full paycheck.

If she cashed out now she would still be ahead of the game after taxes for what true skin she had in it.

 

I don't have a 401k.
I don't have a ira.
And I don't have a company contribution.

It's all me. And I get taxed on any withdrawals.

 

I like the way that article throws Florida under the bus.

All those Springbreakers were already here when this Brokeout, and our governor Shut it down along with our beaches in 2 days and ran them all out of town.That was almost a month ago.

I live 10 minutes from a 20 mile stretch of beach town and it is deserted, not even seasonal owners in condos .
Deserted Restaurants, hotels,bars, jet ski rentals,scooter rentals,boat tours, its Heartbreaking to ride through the area and see the economic ruin that many businesses will never recover from ,plus the many employees that were out of money 3 weeks ago.
I used to be in the Beach business and have a dear friend owns a 40year establishment right on the beach with 30 employees that many of them have worked for him for decades that have families to support.

Florida is getting killed by this. Good news is the Corona in the last week only climbed to 200 from 14in Naples

 

Hopefully she's not dumb enough to listen to you. You don't sell your investments when the market is down, you buy more. JFC...