Timeline for Can an ill-advised 401k withdrawal be undone?
Current License: CC BY-SA 4.0
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| Sep 23, 2020 at 6:43 | comment | added | dave_thompson_085 | For a nonrich person (Fed) tax on $60k is about $13k, maybe less depending on other income & deductions. For any tax debt under $50k you automatically qualify for an installment agreement of up to 6 years (if done now), and you can set it up on IRS website (which reduces the setup fee). You do pay interest at basically Treasury short market (currently negligible) plus 3%, plus half the normal failure-to-pay penalty which is another 3%, but that's still less than almost any unsecured loan you can get, though maybe not a HELOC. | |
| Sep 22, 2020 at 1:26 | history | answered | Grade 'Eh' Bacon | CC BY-SA 4.0 |