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 Post subject: Re: On to Grad School... (Formerly My First Home)
PostPosted: Thu Dec 20, 2012 4:05 pm 

Joined: Mon Jan 21, 2008 6:40 am
Posts: 55
Bichon Frise wrote:
personally, I would take the difference from your Roth. Without judging what you are actually doing, the roth will be most likely be tax and penalty free b/c of the ordering rules for non-qualified distributions, direct contributions come out first, tax and penalty free. You most likely have $4400 in basis. I would try and soften this blow by hustling as much work as you can, as you'll be loosing an opportunity more than money.

I'm not an advocate of hoping someone dies (or complicated family matters being sorted out) for my financial plan to work out. But, that is just me....


Are you serious? Where do you get off saying that to anyone? First of all I would be more than just fine without the money.

Second I'm not hoping for anyone to die. My grandfather - one of the most important people in the world to me - died months ago. I know of the inheritance because I received notification from the estate. Of course I would rather have him here than the money. The difference between me and you is that for me that goes without saying. You prefer to assume the worst of people.

Thanks for not "judging" me on the Roth distribution and providing me with your "advice." Not sure why you go on about ordering rules for non-qualified distributions. Qualified educational expenses are an exception to the rule, which I stated in my last post. Maybe you wouldn't have missed that if you weren't in such a rush to make a snarky comment.


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 Post subject: Re: On to Grad School... (Formerly My First Home)
PostPosted: Thu Dec 20, 2012 5:10 pm 

Joined: Mon Jan 21, 2008 6:40 am
Posts: 55
I've decided to delete all posts after I paid off my student loans. The last post was a reminder that I am not comfortable posting details about my financial life when I have no idea what kind of people are reading.


Good luck to you all.


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 Post subject: Re: On to Grad School... (Formerly My First Home)
PostPosted: Thu Dec 20, 2012 5:55 pm 

Joined: Fri May 04, 2012 2:23 pm
Posts: 818
Leila wrote:
Thanks for not "judging" me on the Roth distribution and providing me with your "advice." Not sure why you go on about ordering rules for non-qualified distributions. Qualified educational expenses are an exception to the rule, which I stated in my last post. Maybe you wouldn't have missed that if you weren't in such a rush to make a snarky comment.


First off, I think you are over reacting. I didn't mean to say you hoped for someone to die so you could have money, but rather it can be a lengthy process. And hoping it clears in time can not be optimal. I apologize for not being clear.

Second, as far as the roth ordering rules, I "go on" about it because it is important. as far as education expenses go, it is a non-qualified distribution. Which means it is subject to the roth ordering rules. If you go beyond your basis, no penalty is incurred, but taxes are for certain non-qualified distributions (qualified education expenses are one of them). You'll need form 8606 and 5329. Or, you can do it your way since you seem to already know.

Good luck.

_________________
Bichon Frise

"If you only have 1 year to live, move to Penn...as it will seem like an eternity."


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