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84Bravo1
Advanced Member

10510 Posts

Posted - 04/14/2018 :  4:54:21 PM  Show Profile  Reply with Quote
Got my statement yesterday. $23K in three years. Not too bad. Hope to hang in there for another three years. Retire at sixty. Should have approx. $60K.

Cashed out my largish Profit Sharing amount with a company I had worked for 23 years. Left it there another 5 years because it was showing a good return. (Until 2008'.) Moved down to TN. And bought my house outright. Paid $54K in taxes that year.


House paid for, two vehicle will be paid for within the year. Very little CC debt. Live frugally. Looking forward to kicking back. I'm getting too old for this Sheeit.

Ricci Wright
Advanced Member

USA
5703 Posts

Posted - 04/14/2018 :  5:08:02 PM  Show Profile  Reply with Quote
If it will help I will buy back all those guns you bought from me at 1/2 what you paid. If it will help.

"Fight like the third monkey on the ramp of Noah's Ark"
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84Bravo1
Advanced Member

10510 Posts

Posted - 04/14/2018 :  5:12:07 PM  Show Profile  Reply with Quote
quote:
Originally posted by Ricci Wright

If it will help I will buy back all those guns you bought from me at 1/2 what you paid. If it will help.




After I had to rub off/clean off all that "Water Based Brown Protective coating," I figure you owe me.
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remingtonoaks
Advanced Member

USA
18165 Posts

Posted - 04/14/2018 :  6:44:06 PM  Show Profile  Reply with Quote
I don't understand why you had to pay $54,000 in taxes that year... Because if it was because you cashed out your profit sharing, if you reinvest it in a house you should not have had to pay capital gain taxes on it
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mogley98
Advanced Member

USA
15312 Posts

Posted - 04/14/2018 :  8:07:22 PM  Show Profile  Reply with Quote
That is a pretty sweet share a little better then 7K a year!

Nice
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84Bravo1
Advanced Member

10510 Posts

Posted - 04/16/2018 :  3:22:34 PM  Show Profile  Reply with Quote
quote:
Originally posted by remingtonoaks

I don't understand why you had to pay $54,000 in taxes that year... Because if it was because you cashed out your profit sharing, if you reinvest it in a house you should not have had to pay capital gain taxes on it





I just got back from my tax appointment. I discussed this with my accountant. I recalled that I had researched this prior to cashing out my share. There is a one time exemption for First Time Home Buyers (only.) I remember that I would not qualify for the exemption, prior to cashing it out.

Actually paid $57,000 in taxes. $43,000 up front with a $14,000 penalty (cashing it out prior to retirement age) at the end of the year when filing taxes.


Buying my house outright, and having no mortgage was worth it. I'd do it again.


It was worth double checking and asking about though.
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hoosier
Senior Member

USA
1121 Posts

Posted - 04/16/2018 :  4:47:51 PM  Show Profile  Reply with Quote
Think there is 10% sales tax in TN.

Gun Parts and more (lots more).

NRA Life Endowment Member, US Army Veteran.
Lions Club

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mogley98
Advanced Member

USA
15312 Posts

Posted - 04/16/2018 :  4:49:50 PM  Show Profile  Reply with Quote
Of course you know that you can avoid the 10% penalty if you lose your job for any reason quit, laid off or fired if you cash out a 401K in the YEAR you turn 55 or later.

Too bad you weren't going to be 55 or older if you had left the job you cashed out of.

quote:
Originally posted by 84Bravo1

quote:
Originally posted by remingtonoaks

I don't understand why you had to pay $54,000 in taxes that year... Because if it was because you cashed out your profit sharing, if you reinvest it in a house you should not have had to pay capital gain taxes on it





I just got back from my tax appointment. I discussed this with my accountant. I recalled that I had researched this prior to cashing out my share. There is a one time exemption for First Time Home Buyers (only.) I remember that I would not qualify for the exemption, prior to cashing it out.

Actually paid $57,000 in taxes. $43,000 up front with a $14,000 penalty (cashing it out prior to retirement age) at the end of the year when filing taxes.


Buying my house outright, and having no mortgage was worth it. I'd do it again.


It was worth double checking and asking about though.

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84Bravo1
Advanced Member

10510 Posts

Posted - 04/16/2018 :  5:22:28 PM  Show Profile  Reply with Quote
quote:
Originally posted by hoosier

Think there is 10% sales tax in TN.





I believe it is 7.65 %. (Or therabouts.)

Mogley, It was a Profit Share account, not a 401K. I believe different rules apply. Yeah the 10% "Penalty Tax" sucked. I knew it was coming though. I had pretty thoroughly researched my plan prior to implementation. I had left that job about 5-6 years before cashing out, if that makes a difference. I'd do it again.
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mogley98
Advanced Member

USA
15312 Posts

Posted - 04/17/2018 :  06:53:15 AM  Show Profile  Reply with Quote
Bravo,
Talk to your tax guy if this applies, may be too late but here is from the IRS web site. I believe that profit sharing and other qualified retirement plans are treated the same other then IRA as noted.

The following additional exceptions apply only to distributions from a qualified retirement plan other than an IRA:

Distributions made to you after you separated from service with your employer if the separation occurred in or after the year you reached age 55, or distributions made from a qualified governmental benefit plan, as defined in section 414(d) if you were a qualified public safety employee (federal state or local government) who separated from service in or after the year you reached age 50.



quote:
Originally posted by 84Bravo1

quote:
Originally posted by hoosier

Think there is 10% sales tax in TN.





I believe it is 7.65 %. (Or therabouts.)

Mogley, It was a Profit Share account, not a 401K. I believe different rules apply. Yeah the 10% "Penalty Tax" sucked. I knew it was coming though. I had pretty thoroughly researched my plan prior to implementation. I had left that job about 5-6 years before cashing out, if that makes a difference. I'd do it again.

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84Bravo1
Advanced Member

10510 Posts

Posted - 04/17/2018 :  07:02:48 AM  Show Profile  Reply with Quote
I appreciate the info. Mogley. I would have been 50 when I cashed out and moved down. Will be 57 this July.
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Mr. Perfect
Advanced Member

52230 Posts

Posted - 04/17/2018 :  11:45:01 AM  Show Profile  Reply with Quote
Water based brown protective coating? WTH Over.

"When a strong man armed keepeth his palace, his goods are in peace." -Jesus

"Also he [David] bade them teach the children of Judah [the use of] the bow" -Samuel

"An unarmed man can only flee from evil, and evil is not overcome by fleeing from it." -Col. Jeff Cooper

"They who can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety." - Benjamin Franklin

Some will die in hot pursuit and fiery auto crashes
Some will die in hot pursuit while sifting through my ashes
Some will fall in love with life and drink it from a fountain
That is pouring like an avalanche coming down the mountain

G1
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Ricci Wright
Advanced Member

USA
5703 Posts

Posted - 04/17/2018 :  1:02:45 PM  Show Profile  Reply with Quote
That is a closely guarded secret very much like the eleven herbs and spices in Kentucky Fried Chicken.
quote:
Originally posted by Mr. Perfect

Water based brown protective coating? WTH Over.



"Fight like the third monkey on the ramp of Noah's Ark"
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mogley98
Advanced Member

USA
15312 Posts

Posted - 04/17/2018 :  1:16:10 PM  Show Profile  Reply with Quote
Understood sounds like you are on track to retire early stay healthy and live long :)

quote:
Originally posted by 84Bravo1

I appreciate the info. Mogley. I would have been 50 when I cashed out and moved down. Will be 57 this July.

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84Bravo1
Advanced Member

10510 Posts

Posted - 04/17/2018 :  1:17:36 PM  Show Profile  Reply with Quote
quote:
Originally posted by Mr. Perfect

Water based brown protective coating? WTH Over.







It's one of those "don't ask, don't tell," things Randy. Buy a firearm from Ricci. You will know what we are talking about.
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Mr. Perfect
Advanced Member

52230 Posts

Posted - 04/17/2018 :  2:07:03 PM  Show Profile  Reply with Quote
quote:
Originally posted by 84Bravo1

quote:
Originally posted by Mr. Perfect

Water based brown protective coating? WTH Over.







It's one of those "don't ask, don't tell," things Randy. Buy a firearm from Ricci. You will know what we are talking about.

Sounds like it could be nothing more than a wet paper bag.

"When a strong man armed keepeth his palace, his goods are in peace." -Jesus

"Also he [David] bade them teach the children of Judah [the use of] the bow" -Samuel

"An unarmed man can only flee from evil, and evil is not overcome by fleeing from it." -Col. Jeff Cooper

"They who can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety." - Benjamin Franklin

Some will die in hot pursuit and fiery auto crashes
Some will die in hot pursuit while sifting through my ashes
Some will fall in love with life and drink it from a fountain
That is pouring like an avalanche coming down the mountain

G1
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84Bravo1
Advanced Member

10510 Posts

Posted - 04/17/2018 :  2:15:01 PM  Show Profile  Reply with Quote
quote:
Originally posted by Mr. Perfect

quote:
Originally posted by 84Bravo1

quote:
Originally posted by Mr. Perfect

Water based brown protective coating? WTH Over.







It's one of those "don't ask, don't tell," things Randy. Buy a firearm from Ricci. You will know what we are talking about.

Sounds like it could be nothing more than a wet paper bag.





I would venture a guess, that that is how he applies it. Probably picks one up off the beach at Wrightsville, when he goes for his "Ocean Swim." His nickname is Shark Chum.
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