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SO I found another 17,000

Son of Gloin

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Irons

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Bunga took possession of those long ago.
Don't laugh too hard Bunga took your quintuple sovereign and gave it to me...............

M3RS.jpg
 

gringott

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Now you are thinking amigo.
You add the money to your income and pay your taxes on the new amount of income.
At least that is how I think it works, all my money was stolen by a roving gang of leftists.
 

gringott

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I likee Roth.
Once you are vested you can use it like a bank account.
Take some out of the market, put some in later.
Within the limits of contribution of course.
 

spinalcracker

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I likee Roth.
Once you are vested you can use it like a bank account.
Take some out of the market, put some in later.
Within the limits of contribution of course.



correct me if I’m mistaken but I think one can withdraw the monies after 5 years under certain circumstances , like buying a new home first time buyers...no early withdrawal penalty

I really thought Roth IRA’s would be canceled a long time ago because it’s to good of a deal for the peasants
 

gringott

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Yeah, if you haven't reached the correct age there are ways to get it as you said, like first time home purchase.

I will qualify my statement, I can contribute back into the Roth because my spouse has earned income, joint return. If I wasn't married to her I couldn't contribute.
 

Irons

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What is the tax penalty for cashing out that 17,000? Is it a one time pay out to the IRS at tax time? I am leaning to buying gold and holding it personally.
You pay a 10% penalty at tax time then I believe it's added to your income total. You will pay taxes on it no matter when you take it out.
So do you want it in hand or continue to allow someone else to have it? Personally I hate banks and especially retirement rackets.

I have found I go from zero to furious when some fecker I don't even know asks me why I want some of my own money and what I intend to do with it.
I literally want to punch them in the face really hard and then calmly ask my question again.


.
 

Uglytruth

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Depending on age, health, personal choices.

17K / $395 = 43 months, 3.58 years, payment to be even.
17K x .28 = $4760 yr / 12 = $396.66 month. if you want to think about it as a lifetime annuity. (don't really like them but an option and hard to beat a 28% return)
17K paying 10% tax lowers you down to $15300. Then pay 25% personal income tax 17K - $4250 = $12750.
Leaves you with $11,050.

Nothing guaranteed and not easy choices.
 

gringott

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I pulled some normal IRA money this year, they asked me how much I wanted to leave in escrow on the taxes, I agreed to 10%.
I don't know if that was the lowest amount.
 

Jarrod32

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I pulled some normal IRA money this year, they asked me how much I wanted to leave in escrow on the taxes, I agreed to 10%.
I don't know if that was the lowest amount.
Escrow? Or just standard withholding? Just like withholding from your paycheck, the amount you elect is withheld to cover income taxes. That amount will be reflected on the 1099r tax form that you will get from the IRA provider.
 

gringott

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They called it escrow on the phone. Understood it is for my tax liability.
 

MrLucky

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Let's see at $11,500 / $1900/oz gae @1803/oz = 6.05 oz

Ok, so now you have 6 coins. Where do you put them? Security is now up to you. Got a safe place for them? Under your pillow (forever)? Go boating? Can you trust your living partner if they ever come across them? What's the statistics for home break ins where you live?
 

Jarrod32

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What is the tax penalty for cashing out that 17,000? Is it a one time pay out to the IRS at tax time? I am leaning to buying gold and holding it personally.
First, it is taxable as income. So it will add $17k to your taxable income. Depending on your other income, it could bump into a higher tax bracket. If you are under age 59 1/2, you will pay a 10% early withdrawal penalty. If you are over age 59 1/2, there is no penalty...only income tax.
 

Unca Walt

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You pay a 10% penalty at tax time then I believe it's added to your income total. You will pay taxes on it no matter when you take it out.
So do you want it in hand or continue to allow someone else to have it? Personally I hate banks and especially retirement rackets.

I have found I go from zero to furious when some fecker I don't even know asks me why I want some of my own money and what I intend to do with it.
I literally want to punch them in the face really hard and then calmly ask my question again.
YOWZA. I did exactly that -- out front and straight up 10% zingeroo. Ouchie!

Yet, very possibly the soundest financial move I've made in my life. I used it all to acquire PM's at a wonderful time. So Uncle Sam got me for the 10%, but I have looked that number in the rear view mirror for a long time.
 

MrLucky

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I have found I go from zero to furious when some fecker I don't even know asks me why I want some of my own money and what I intend to do with it.
I literally want to punch them in the face really hard and then calmly ask my question again.
I had that happen when I recently closed a cd. They asked what I was going to do with the (my) money. I told them I was going to buy a new car. Seemed like a polite way to end the inquisition. They they asked me "what model I was looking at"? They are relentless.
 

Unca Walt

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"Hookers and blow."
 

Goldbrix

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Goldbrix

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They called it escrow on the phone. Understood it is for my tax liability.
Its a shame it wasn't a ROTH Account. "ZERO" I what it all !
 

Irons

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I had that happen when I recently closed a cd. They asked what I was going to do with the (my) money. I told them I was going to buy a new car. Seemed like a polite way to end the inquisition. They they asked me "what model I was looking at"? They are relentless.
Every zit faced loser or angry middle aged karen working at a bank has the power to call the full weight of the eye arr ess down on your ass for whatever reason they choose. Any time they choose. Never forget that.

Because that $7500 in cash you want to pull from your savings and bring to a coin show instantly makes you a drug dealer or a terrier.

Then it's up to you to prove you are not.


.
 

Casey Jones

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Every zit faced loser or angry middle aged karen working at a bank has the power to call the full weight of the eye arr ess down on your ass for whatever reason they choose. Any time they choose. Never forget that.

Because that $7500 in cash you want to pull from your savings and bring to a coin show instantly makes you a drug dealer or a terrier.

Then it's up to you to prove you are not.


.
That is SOOO....FRIKKIN...TRUE.

I got that question a couple of times - at my local (regional based) credit union. Which is the last stop, since Chase forbade my putting PMs in SD boxes. I'm done with them, with major banks, period.

But I have Unca Walt to thank, that, 16 or so years ago, he convinced me to become my own banker.

Now I'm my own safe-depository, as well.

The only interface I have with banks now, is deposit of my pension payout, and the occasional sale of gold to a local PM dealer. That may have to stop, also - back to advertising on CL for a buyer in cash.

Wonder if that gets the Feebs on the case, to track me down and frame me, and confiscate my metals as "asset forfeiture"...