Comments on: Should I cash in 401k to pay medical coinsurance and copays? http://www.medicalsupplyservices.com/blog/should-i-cash-in-401k-to-pay-medical-coinsurance-and-copays/ Wed, 23 May 2012 00:59:22 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Gary http://www.medicalsupplyservices.com/blog/should-i-cash-in-401k-to-pay-medical-coinsurance-and-copays/comment-page-1/#comment-1783 Gary Sat, 26 Sep 2009 04:33:48 +0000 http://www.medicalsupplyservices.com/blog/should-i-cash-in-401k-to-pay-medical-coinsurance-and-copays/#comment-1783 Distributions are not subject to the early distribution penalty to the extent that you pay deductible medical expenses exceeding 7.5% of your adjusted gross income (whether or not an itemized deduction for medical expenses is claimed).<a href="http://www.safedebthelp.com/debt-relief-help-sacramento.htm"> Gary</a> Distributions are not subject to the early distribution penalty to the extent that you pay deductible medical expenses exceeding 7.5% of your adjusted gross income (whether or not an itemized deduction for medical expenses is claimed). Gary

]]> By: Gary http://www.medicalsupplyservices.com/blog/should-i-cash-in-401k-to-pay-medical-coinsurance-and-copays/comment-page-1/#comment-1782 Gary Fri, 25 Sep 2009 08:34:49 +0000 http://www.medicalsupplyservices.com/blog/should-i-cash-in-401k-to-pay-medical-coinsurance-and-copays/#comment-1782 No, do not cash in your 401(K). It's absoultly the worst financal decision one person can make. It's like using a credit card that has 40% interest. You will be taxed for cashing out the 401(K) and you will have to pay back the loan at a certain time (usually 5 years) and pay a penalty that's around 10%. Also when and if you put the money back into the 401(K) that you borrowed, when you do retire you'll get taxed again! Never cash out your 401(K)!<a href="http://www.autostires.com/wiper-blades-303"> Gary</a> No, do not cash in your 401(K). It’s absoultly the worst financal decision one person can make. It’s like using a credit card that has 40% interest. You will be taxed for cashing out the 401(K) and you will have to pay back the loan at a certain time (usually 5 years) and pay a penalty that’s around 10%. Also when and if you put the money back into the 401(K) that you borrowed, when you do retire you’ll get taxed again!

Never cash out your 401(K)! Gary

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