Comments on I THINK WE SOLD THE HOUSE***BUT WHAT ABOUT THE 401k????

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Moondawg::::First I've heard of this. Can it really be done? I honestly wish there was a way to take the cash without paying the penalities and taxes.

posted by Passionflower on April 12, 2004 at 7:25 PM | link to this | reply

Split the funds

Spit the 401ks into two separate funds. One in your name one in his. That way the money is still there for you and you pay no penalties or taxes.

posted by Moondawg on April 12, 2004 at 7:15 PM | link to this | reply

Thanks Truelove, for the great suggestion about Suze. I'll check her out.

You too, Tamara. I appreciate the advice.

posted by Passionflower on April 12, 2004 at 1:21 AM | link to this | reply

Easiest is not necessarily the smartest way...

I definitely recommend checking out Suze Orman - she talks about things like that.  You can evaluate the value of something without cashing it out. 

posted by Tamara99 on April 12, 2004 at 1:01 AM | link to this | reply

Hi Passionflower, have you ever heard of "Suze Orman," go to her website, she is a whiz at finances and will give you honest trustworthy answers. Suzeorman.com

posted by truelove on April 12, 2004 at 12:41 AM | link to this | reply

LOTS OF LOVE HUN!!

HUgs ~ Softy

posted by MySoftHeart on April 11, 2004 at 12:37 PM | link to this | reply

Sparky::::::Oh yeah, that's right--Ducks CAN fly.

posted by Passionflower on April 10, 2004 at 4:47 PM | link to this | reply

I can fly.

posted by sparkietheduck on April 10, 2004 at 4:07 PM | link to this | reply

We had to cash in our 401k last year and OUCH! the takes are killing us. Sigh gotta pay out our ass this year. Take sparkies advice. That added 'income' can raise you to the next tax bracket and end up costing you more taxes on all of your income.

posted by Kay-Ren on April 9, 2004 at 8:00 PM | link to this | reply

Sooooo, you're a Financial Wizard, O Sparky of many talents!!!!!!

posted by Passionflower on April 9, 2004 at 7:36 PM | link to this | reply

Assign a "current cash value" to the 401k, and one of you keep it, giving the other "cash" from the proceeds of the liquidation. Easiest way. In Canada, you're exempt from "Capital Gains" penalties if the place you're selling has been your primary residence. Other than that, all you have to do is separate  whatever accounts you hold together and get on with things.

posted by sparkietheduck on April 9, 2004 at 6:46 PM | link to this | reply

Jimmy damnit! Don't tell me you've lived this long and you still think life is supposed to be simple! Here's a reality check--Life sucks on planet earth!

posted by Passionflower on April 9, 2004 at 5:17 PM | link to this | reply

I've never had anything to divide....

nor enough interest in the material to bother...my M.O. is to just walk away leaving everything I can't carry in one trip, and start over somewhere else. I'm trying to change this, but it sure as hell simplifies things...

posted by jimmy68 on April 9, 2004 at 4:39 PM | link to this | reply