Anyone have experience buying
a boat using money
from a U.S. traditional 401K plan?
I am now retired, and just turned 67, so pre-withdrawal penaty is not a problem. The issue is the U.S. Income
Tax due on the money
to be taken out of the IRA to buy the boat. Figure 25% of the purchase price
payout would be the income
tax Uncle Sam would want for the withdrawal. That smarts!
I not only have every one saying I'm crazy for buying
a sailboat to live on at my ancient age (67), but Uncle Sam will make it more painful!