Showing posts with label income tax. Show all posts
Showing posts with label income tax. Show all posts
Sunday, March 4, 2007
Update
I have been listing ,listing listsing and I am not making any great leaps ahead. I wish that this was my problem and my wife was left out of it. I would just take the tax lien and pay it off bit by bit ,but she shouldn't have her credit thrown into the crapper because of my stupidity. The stress is getting to me. I sent items to the wrong places last week and ruined some guy's birthday present for his brother. The packages didn't even look alike. It looks like I will have just over $2000 from all of the selling. I am going to push on the reallly premium stuff I have left and see if I can make a big splash.
Wednesday, January 31, 2007
What The Problem Is, And How It Came To Be
In short, compulsive buying and credit card debt. I had taken 401k loans in the past to pay off debt and then ran the cards back up.In June, I was in a bind and took a 401k withdrawal.I expected to have to pay taxes and a 10%penalty. I did not expect to pay 35% taxes and a a 10% penalty. 25% was withheld automatically, now I am on the hook for 10% additional tax and the penalty;around 10k. My job no longer allows me to get overtime or a mileage reimbursement. This was about 10,00 in income loss . I was making a salary in the mid 40's with both of these things and their loss has been nothing short of catastrophic. My addictive buying after the withdrawal did not help, I still have credit card debt.I would actually prefer to ba an alcoholic, at least you just die from that.My wife is one of those unlucky to be one of those people who just qualify for the AMT, put it all together and it spells almost 15k owed to the IRS. Wheeee!
Labels:
401k,
AMT.Compulsive buying,
credit card,
debt,
income tax
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