Financial Advice

[Skew]

Depending on the amount, you could pay as much as 50% in taxes.

[Darth Biscuit]

Depending on the amount, you could pay as much as 50% in taxes.

I've been paying taxes on this for years as income tax on the interest so I don't think that I'll have to pay if I withdraw it. I will check on that however.

[Skew]

I've been paying taxes on this for years as income tax on the interest so I don't think that I'll have to pay if I withdraw it. I will check on that however.

Once you take any of it out, it is added to your "taxable income" at the very least.

[The Saltman]

Skew is right.....for once.

[Crixtala]

yeah, my fiance just cashed out a mutual fund and is going to get hit hard on it come tax time

[Darth Biscuit]

Well, I suppose I gotta pay taxes on it sometime huh?

[Skew]

Well, I suppose I gotta pay taxes on it sometime huh?

True, but depending on the amount you take out per given tax year, you can vary the amount of tax paid on the total amount.

[Darth Biscuit]

True, but depending on the amount you take out per given tax year, you can vary the amount of tax paid on the total amount.

It's not really enough to worry about that I don't think...

[pstall]

Is it a regular bank cd or a cd that's within an IRA?

[Davidson Deac II]

Take it all, drive down to South Florida. Buy Coke and bring it back to Charlotte. Cook it into 20 dollar rocks and sell it all. Watch for cops and don't use the product. You will get a big return.

[tarheelblue89]

Gamble :thumbsup:

[Darth Biscuit]

Is it a regular bank cd or a cd that's within an IRA?

Regular bank CD.

[Skew]

Regular bank CD.

You'll pay taxes on any and all of what you take out.

[Cat]

Well, I suppose I gotta pay taxes on it sometime huh?

Maybe you should do it before the Bush Tax cuts expire.