Help with 401k

[mawilson 2,133]

ok we were bad.. we cashed it out... and yes we know we will have to probably pay taxes on it come tax time...

but right now we really need a car so I can get a job and we also have medical bills that need to be paid ....

Could have taken out a loan on your 401(k) instead of cashing it out...

[Marilyn. 340]

ok we were bad.. we cashed it out... and yes we know we will have to probably pay taxes on it come tax time...

but right now we really need a car so I can get a job and we also have medical bills that need to be paid ....

Could have taken out a loan on your 401(k) instead of cashing it out...

umm no because we already had a loan and hubby quit his job so I don't think we could have taken a loan even if we could...

[mawilson 2,133]

ok we were bad.. we cashed it out... and yes we know we will have to probably pay taxes on it come tax time...

but right now we really need a car so I can get a job and we also have medical bills that need to be paid ....

Could have taken out a loan on your 401(k) instead of cashing it out...

umm no because we already had a loan and hubby quit his job so I don't think we could have taken a loan even if we could...

Ahh that's too bad.

[Marilyn. 340]

yeah, my first instinct was to roll it over into a new 401k but we really need a second car so I can work..

and hubby has 401 k with his new job and once we can start putting money into it we will...

we have just had a screwed up last couple of years but things look to be stabilizing now...