[Bizzymammabee]

Originally Posted by KELLYLYNN

i see what your saying, but i'll never borrow from a 401 k again... i'm getting out of this hole were in now, i have a very strick budget for the next 8 months until everything is repaid, i cut the credit cards up, and i pay for everything with good old CASH now, and if we don't have the cash we don't need it then, it can wait... His company did deduct and certain amount at the time of the loan, but what they did not explain to him is that there only responsible for a percentage of the tax payback and that HE had to make payment arrangement to pay the rest of the taxes owed, the one thing i don't understand is why it took the IRS almost two years to catch this, cause he got a tax refund last year, i guess they wanted the extra 130.00 a month in penilties and interest in there pocket,,, oh well i got it paid off, thanks to a family member that i borrowed the money off of with less of an interest rate than the IRS.... im just saying unless im really, really, hurting i rather go to a loan shark then my IRA... i almost died when i got that letter....

Man I would have been so mad at this nonsense. That is horrible to get bitten two years later like that. Of course the IRS loves them penalties to rack up. How else can they afford to keep the senators in car services, expense accounts and their expensive lunches.