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Loan vs. Withdrawal from 401K and Gifting money
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Thread created 07-19-2012 by vicra
0 Score 14 Replies 3,177 Views
Post #51868776 added 07-23-2012 8:53 AM by LiquidRetro in Archived Deals
In theory yes, but in practice no, since it's not actually her money. They are looking at types of transactions as well. It's not the route I would go. As far as length of time, it depends on the...
Loan vs. Withdrawal from 401K and Gifting money
Expired
Thread created 07-19-2012 by vicra
0 Score 14 Replies 3,177 Views
Post #51868526 added 07-23-2012 8:45 AM by vicra in Archived Deals
Thanks I will look into this. I was under the impression they only look at 2-3 months of her financial statements. Wouldn't it make her have higher assets so improve the debt to asset ratio?
Loan vs. Withdrawal from 401K and Gifting money
Expired
Thread created 07-19-2012 by vicra
0 Score 14 Replies 3,177 Views
Post #51867552 added 07-23-2012 8:10 AM by LiquidRetro in Archived Deals
That could seriously change her Debt to Asset ratio and make things worse. It would also bring in your account for close examination. Investigate this more before you make the decision. Also make...
Loan vs. Withdrawal from 401K and Gifting money
Expired
Thread created 07-19-2012 by vicra
0 Score 14 Replies 3,177 Views
Post #51857486 added 07-22-2012 6:09 PM by damsel. in Archived Deals
His daughter would not pay gift tax; he would pay the gift tax. It's so that people can't gift out all their money/assets to avoid estate taxes. They'll get you one way or another.
Loan vs. Withdrawal from 401K and Gifting money
Expired
Thread created 07-19-2012 by vicra
0 Score 14 Replies 3,177 Views
Post #51844106 added 07-21-2012 10:41 PM by DlickSeals in Archived Deals
Yeah, you could do that. It would certainly depend on the amount you're dealing with, but a couple we know last year did this. They opened an account with both their names and the names of one of...
Loan vs. Withdrawal from 401K and Gifting money
Expired
Thread created 07-19-2012 by vicra
0 Score 14 Replies 3,177 Views
Post #51835546 added 07-21-2012 11:55 AM by NothingKing in Archived Deals
Just keep in mind that even on a joint account, if your daughter takes out more that the gift limit, it may be subject to the gift tax. Also if for some reason she needs to file bankruptcy or is...
Loan vs. Withdrawal from 401K and Gifting money
Expired
Thread created 07-19-2012 by vicra
0 Score 14 Replies 3,177 Views
Post #51834156 added 07-21-2012 10:29 AM by vicra in Archived Deals
Thanks. Someone suggested I make her a joint account holder on one of my accounts. Not sure yet how that works.
Loan vs. Withdrawal from 401K and Gifting money
Expired
Thread created 07-19-2012 by vicra
0 Score 14 Replies 3,177 Views
Post #51831610 added 07-21-2012 7:46 AM by NothingKing in Archived Deals
If you do gift the money to your daughter, just create a gift letter that your daughter can give to the loan officer with all of her other paperwork. ...
Loan vs. Withdrawal from 401K and Gifting money
Expired
Thread created 07-19-2012 by vicra
0 Score 14 Replies 3,177 Views
Post #51811452 added 07-20-2012 11:06 AM by vicra in Archived Deals
Thanks. That's the best example I've seen to explain the tax.
Loan vs. Withdrawal from 401K and Gifting money
Expired
Thread created 07-19-2012 by vicra
0 Score 14 Replies 3,177 Views
Post #51808496 added 07-20-2012 9:19 AM by PiratesSayARRR in Archived Deals
Despite what many incorrectly think the fact of the matter is you are NOT double taxed when you take a loan. Take $10K out of your 401K. This money was pretax. You can take that $10K that you...
Loan vs. Withdrawal from 401K and Gifting money
Expired
Thread created 07-19-2012 by vicra
0 Score 14 Replies 3,177 Views
Post #51806898 added 07-20-2012 8:19 AM by zarfus in Archived Deals
I too got the 20 questions regarding large deposits.
Loan vs. Withdrawal from 401K and Gifting money
Expired
Thread created 07-19-2012 by vicra
0 Score 14 Replies 3,177 Views
Post #51806116 added 07-20-2012 7:51 AM by vicra in Archived Deals
Thanks. Repped you both :)
Loan vs. Withdrawal from 401K and Gifting money
Expired
Thread created 07-19-2012 by vicra
0 Score 14 Replies 3,177 Views
Post #51796700 added 07-19-2012 8:09 PM by cavan in Archived Deals
why run you retrement.you also pay tax your daugter will also pay a gift tax http://www.ehow.com/info_8750582_tax-401k-withdrawls-after-65.html
Loan vs. Withdrawal from 401K and Gifting money
Expired
Thread created 07-19-2012 by vicra
0 Score 14 Replies 3,177 Views
Post #51788176 added 07-19-2012 1:51 PM by LiquidRetro in Archived Deals
See this https://slickdeals.net/forums/showpost.php?p=51759620&postcount=16 Her lender will probably ask questions about large deposits within a few months of the loan application. I know when I...
Loan vs. Withdrawal from 401K and Gifting money
Expired
Thread created 07-19-2012 by vicra
0 Score 14 Replies 3,177 Views
Post #51775238 added 07-19-2012 6:00 AM by vicra in Archived Deals
I'm trying to figure out if it's better for me to take a loan or a withdrawal from my 401K. I won't be penalized the 10% that some have to worry about. If I take the money out as a loan, I have...

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