Marty (Caller owing IRS $140,000)

Thanks for taking my call.

Thanks for taking my call.

How can we help? I just recently found out that when I go to file my taxes, I am going to owe roughly $140,000 in taxes. Due to early withdrawal, I took out of a 401k last year to put down on a house. So my question, I'm trying to figure out where the best place to pull money from, either a home equity loan.

How can we help? I just recently found out that when I go to file my taxes, I am going to owe roughly $140,000 in taxes. Due to early withdrawal, I took out of a 401k last year to put down on a house. So my question, I'm trying to figure out where the best place to pull money from, either a home equity loan.

I really don't want to do a payment plan with the IRS, but I just don't know the best path forward.

I really don't want to do a payment plan with the IRS, but I just don't know the best path forward.

So I there's no blame. I did. Talked to several individuals when I pulled the money from the 401k about how I wanted to pay all the fees and taxes up front. I didn't do my part on the research, and I was misinformed that it had been paid. It was all caught up, and I didn't realize it was going to be near that much, and I didn't realize it hadn't been done until I went to follow my taxes.

So I there's no blame. I did. Talked to several individuals when I pulled the money from the 401k about how I wanted to pay all the fees and taxes up front. I didn't do my part on the research, and I was misinformed that it had been paid. It was all caught up, and I didn't realize it was going to be near that much, and I didn't realize it hadn't been done until I went to follow my taxes.

Roughly $130,000.

Roughly $130,000.

I pulled out $400,000 because I wanted roughly $300,000 for a down payment. Because I won't pay the house off. I've been going through the steps. I don't have any other debt.

I pulled out $400,000 because I wanted roughly $300,000 for a down payment. Because I won't pay the house off. I've been going through the steps. I don't have any other debt.

No. No, I still owe $250,000, $256,000 on the house. Gracious.

No. No, I still owe $250,000, $256,000 on the house. Gracious.

I have, you know, I have a Roth and a traditional IRA. And then I have about $60,000 in savings, which is my savings fund.

I have, you know, I have a Roth and a traditional IRA. And then I have about $60,000 in savings, which is my savings fund.

And I don't know if I should tap into that.

And I don't know if I should tap into that.

I don't want to.

I don't want to.

It does. And that was where I wasn't sure if taking the equity of the home was better or just trying to get a personal loan.

It does. And that was where I wasn't sure if taking the equity of the home was better or just trying to get a personal loan.

Thanks for taking my call.

How can we help? I just recently found out that when I go to file my taxes, I am going to owe roughly $140,000 in taxes. Due to early withdrawal, I took out of a 401k last year to put down on a house. So my question, I'm trying to figure out where the best place to pull money from, either a home equity loan.

I really don't want to do a payment plan with the IRS, but I just don't know the best path forward.

So I there's no blame. I did. Talked to several individuals when I pulled the money from the 401k about how I wanted to pay all the fees and taxes up front. I didn't do my part on the research, and I was misinformed that it had been paid. It was all caught up, and I didn't realize it was going to be near that much, and I didn't realize it hadn't been done until I went to follow my taxes.

Roughly $130,000.

I pulled out $400,000 because I wanted roughly $300,000 for a down payment. Because I won't pay the house off. I've been going through the steps. I don't have any other debt.

No. No, I still owe $250,000, $256,000 on the house. Gracious.

I have, you know, I have a Roth and a traditional IRA. And then I have about $60,000 in savings, which is my savings fund.

And I don't know if I should tap into that.

I don't want to.

It does. And that was where I wasn't sure if taking the equity of the home was better or just trying to get a personal loan.