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[Rusty PW]

I'm living phase 2 now... some how a Belgian malinois can climb 9ft high, eat a roll of tape, decide shoe / boot laces are tasty. Or this morning steal some of my bacon in stealth mode.


Been there twice. . . One of the years it was pay that I never got then released to my account then took back and frozen. Then some how a SGT /E-5 in Army for 2002 is paid around 75000 in 7 months according to IRS. That was first one second time 20 years later as GS double taxed on my TSP retirement account withdraw. Damn I didn't think about that until now.

Obomba care screwed me after retirement. I retirement at 60. So wifey and me both went on Obomba care. The full amount for us was $1,800 per month. To get a reduced rated . We had to adjust our monthly income way down. So now we only had to pay close to $500 each per month. At Thanksgiving. We pulled some extra money out for Christmas and to go on a cruise. That extra amount put us over the limit for Obomba care. The IRS came after us. Saying that we needed to pay Obomba care in full plus penalty.

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[Hootbro]

We pulled some extra money out for Christmas and to go on a cruise. That extra amount put us over the limit for Obomba care. The IRS came after us. Saying that we needed to pay Obomba care in full plus penalty.

Was the money pulled from a 401K or regular savings?

 

[Blade1668]

Obomba care screwed me after retirement. I retirement at 60. So wifey and me both went on Obomba care. The full amount for us was $1,800 per month. To get a reduced rated . We had to adjust our monthly income way down. So now we only had to pay close to $500 each per month. At Thanksgiving. We pulled some extra money out for Christmas and to go on a cruise. That extra amount put us over the limit for Obomba care. The IRS came after us. Saying that we needed to pay Obomba care in full plus penalty.

I was skull #### in part due to lingering effects of it among other factors. In 2023 writing a check for over 25k really sucked along with slightly over $5000.00 to state.

 

[Rusty PW]

Was the money pulled from a 401K or regular savings?

We pulled $5,000 over the limit which allowed us to get the reduced Obomba care rate. We had to pay back the difference plus a penalty. The money came from a cash balance plan from work. It was a type of retirement plan. The company put money into it every month. It was based on age, years of service, and how much you made that month. At first, I was getting $200 to $300 a month in it. When I retired. I was getting between $2,500 to $3,000 a month. Then the company sold the power plant to another company. So that ended that cash cow. Then I started to get phantom stock with the new company.

 

[Hootbro]

We pulled $5,000 over the limit which allowed us to get the reduced Obomba care rate. We had to pay back the difference plus a penalty. The money came from a cash balance plan from work. It was a type of retirement plan. The company put money into it every month. It was based on age, years of service, and how much you made that month. At first, I was getting $200 to $300 a month in it. When I retired. I was getting between $2,500 to $3,000 a month. Then the company sold the power plant to another company. So that ended that cash cow. Then I started to get phantom stock with the new company.

Figured it was some type of retirement withdrawal. Regular savings deposit normally has already been taxed and should not count towards income within a tax year it is withdrawn from.

 

[Rusty PW]

Figured it was some type of retirement withdrawal. Regular savings deposit normally has already been taxed and should not count towards income within a tax year it is withdrawn from.

If the $5,000 would have come from the money market account. There would have been no issues. But we were building that account up.

 

[Bandit’s Lair]

Psshhhhh!!!! Keeping money in the bank?! AMATEURS!!!! It’s belongs in the mattress!!!!

 

[Y-Guy]

 

[Y-Guy]

 

[Y-Guy]

 

[Y-Guy]

 

[Y-Guy]

 

[t-bot]

 

[Y-Guy]

 

[Y-Guy]

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