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Old 21-12-2018, 07:04   #46
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Re: Early 401K withdraw for ACA

So, what it comes down to -- at least, quite clearly, for some people -- is, the ways that I reduce my taxes are all reasonable and legitimate, the ways that YOU do it are ways of "gaming" the system. Okay. Got it.

Now I understand. This is just basic jealousy. Someone else is getting something that I'm not, so that means they are "gaming" the system. At least we're all clear on that now.

SHEESH!
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Old 21-12-2018, 07:34   #47
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Re: Early 401K withdraw for ACA

Please explain to me how doing something purely get $21k free from .gov is not gaming the system.

These are not deductions. These are subsidies. Free money. For people who are trying to work and support themselves but need help.

Deductions are reductions in the income amount you pay taxes on. They reduce you AGI.

This is gaming a system for a handout for someone who chooses to not work. Should you get unemployment checks if you gononce a week to apply for a job you have no interest in taking? Is it ethical to take the entire length of unemployment and then retire? Is it legal?

He couldn’t qualify for Medicaid due to assets, despite lack of income. The state’s realize people game the system so they do asset checks.

The Feds are more stupid which allows free loaders to scam the system.

OP: do you see this as any different than an IRS agent walking to my home with a shotgun and forcing me to give you $21k or I go to jail? It is not.

As much as this forum preaches about etiquette and borrowing dingies i’m Shocked at how carefree you are about people claiming what is not theirs.

If a gas station had a pump price of $0.01 after a storm would you feel great about filling every tank you own? That happened a few years ago. Huge lines formed. The owner reviewed video later and saw friends and people he knew for years filling up on the $0.01 gas. None of them called him to tell him what is happening. OP would be in that line profiting from someone’s loophole.

Again, morality versus legality.

I’m done here.
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Old 21-12-2018, 08:05   #48
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Re: Early 401K withdraw for ACA

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Im done here.
Again????

The powers that were/are, which we the people elected, decided that it was just and right that health care be available and set the system and rules for it.

It is no less morality right/wrong for me to follow those rules than it is for say:

-People with a high income that can afford an expensive house (which is why they now say they have to keep working to pay for) getting to take a deduction on their mortgage. Why should those than can't afford a house have to subsidy those that do?
- People with 6 kids getting a tax deduction for each. Why should those that chose not to have kids pay for yours.
- People with low income getting a federal student loan, which later gets written off. Why do people with too much income have to pay for those plus their own kids education?

It goes on and on. But this is a boating/cruising forum not a political rant forum.
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Old 21-12-2018, 10:13   #49
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Re: Early 401K withdraw for ACA

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Please explain to me how doing something purely get $21k free from .gov is not gaming the system.
It's not "gaming" the system. It is the system. The same system that allows many energy corporations to pay zero in federal taxes.



Some might even say that some people chose to live in large homes and pay high taxes, when they could live and cruise on a sailboat, which has a far smaller carbon footprint and requires far less government services to support.


It's all about personal choices.



OK yes SB and even myself have been the recipient of part of the taxes you paid into the system. Over the last 8 years I've calculated that this has accounted for almost one tenth of one cent of all your taxes paid over eight years.



If you like, I will be happy to reimburse you for my freeloading existence. Just PM me and send me a self addressed stamped envelope and I will repay you for both mine and SB's portions of your taxes that we have squandered.


Everyone else is on their own.
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Old 21-12-2018, 10:18   #50
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Re: Early 401K withdraw for ACA

[QUOTE=sailorchic34;2785832

If you like, I will be happy to reimburse you for my freeloading existence. Just PM me and send me a self addressed stamped envelope and I will repay you for both mine and SB's portions of your taxes that we have squandered.


Everyone else is on their own. [/QUOTE]

Hey, thanks!

I have thinking starting a freeloading go fund me site, but now I can wait till next week.
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Old 21-12-2018, 12:04   #51
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Re: Early 401K withdraw for ACA

Well folks keep it going. I am close to the end of my working career and need to make some of the choices that you all have. I'm learning a lot so keep the information coming.

I plan on taking advantage of any rules that allows me to reduce the cost of living in retirement. You are entitled to every bit of your legal tax refund and each and every benefit of those rules.

It appears that some think that if you do not need then you should not take. If you do not "need" a healthcare subsidy then you are stealing from those who pay taxes etc. It is not moral.

By the same token they might conclude that if you as a senior have "plenty" of money then you should not take any senior discounts.


Socialists abound. I might just say that my wife who is from the former Soviet Union reminds us that the people who put socialists in power are the first imprisoned by the new socialist government.
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Old 21-12-2018, 15:41   #52
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Re: Early 401K withdraw for ACA

Hello, Im also a freeloader......
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Old 21-12-2018, 19:09   #53
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Re: Early 401K withdraw for ACA

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Originally Posted by Hoosierdoc View Post
Please explain to me how doing something purely get $21k free from .gov is not gaming the system.
It's been explained to you a whole bunch of times already, but you keep on asking, so I'll give it one more shot.


He takes legal actions, within the system, to reduce his taxes. You take legal actions, within the system, to reduce your taxes. There is no difference. If he is gaming the system, then you are too. It really is that simple.


Of course, I don't actually expect you to see it that way. The way you see it is that what you do is okay, and what other people do is not. The fact that you are both taking legal actions to reduce your tax liability seems to escape you.


That's okay. I don't need your approval to feel completely comfortable with doing whatever I can -- legal, and within the system -- to reduce my taxes. The fact that you're annoyed that others are finding ways to pay less taxes than you do, and so you rationalize it as "gaming" the system, really doesn't bother me at all. I would hope that it would not bother anyone else reading this, either.
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Old 21-12-2018, 19:53   #54
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Re: Early 401K withdraw for ACA

Well said! Plus, my wife and I are no longer working, making two jobs available to tax paying people. Were helping the unemployment rate!
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Old 28-12-2018, 10:38   #55
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Re: Early 401K withdraw for ACA

I'm proud to admit I'm a freeloader too! And a landlubber at that.



Retired in 2000 at the age of 37 and starting taking SEPPs from my IRA. Was denied affordable health insurance because of my FATHER'S health history. Sold the house a couple of years later and started RVing the country. Haven't finished!



Voted for Obamacare in '08---and again in '12---and finally found a state that supported "Medicaid for All" in 2014. Fleeced the system almost $400 this year getting a flu shot and a couple of shingles shots. Yes, just because I have health insurance doesn't mean I need to use it. I mountain bike 6000 miles a year, maybe that helps.
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Old 28-12-2018, 12:26   #56
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Re: Early 401K withdraw for ACA

Well I got the check of MY money the other day and put in into the ban. That brings me to the US Federal poverty level for 2018. I take that back, I have around another $200 of income for the year from interest and dividends, which if last year is a guide I just give to the IRS.

I paid 20% in withholding taxes, which I should get back. I of course now lose all growth of that money. But, hey I'm ripping off someone who isn't getting this subsidy :-)
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Old 28-12-2018, 21:37   #57
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Re: Early 401K withdraw for ACA

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I paid 20% in withholding taxes, which I should get back. I of course now lose all growth of that money.

You might consider adjusting your withholding percentage to more accurately reflect the amount of tax you typically pay. Since I typically pay zero income tax, I withhold zero as well.
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Old 29-12-2018, 05:52   #58
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Re: Early 401K withdraw for ACA

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You might consider adjusting your withholding percentage to more accurately reflect the amount of tax you typically pay. Since I typically pay zero income tax, I withhold zero as well.
That's funny You think I have a withholding percentage
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Old 02-01-2019, 02:46   #59
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Re: Early 401K withdraw for ACA

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finally found a state that supported "Medicaid for All" in 2014.
Which state?
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Old 02-01-2019, 02:54   #60
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Re: Early 401K withdraw for ACA

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Which state?

Arizona. I was from South Dakota before that.
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