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>Are these accounts in your name now or are you getting a check from the Ex? Are these IRAs or 401Ks? Does one happen to be a Roth IRA by any chance? If they're in your name, why would you have to roll them over? If they're not in your name wouldn't you just be getting a check, and then the EX would be stuck with the penalties and taxes? (I know nothing about this, I'm just theorizing here.)

These are 401Ks and I could arrange for a check from my ex. Of course it would be less all the penalties involved. I would hope the ex would be stuck with the penalties and taxes.

>Do you mean the 20% withholding? You may have to pay more or less in taxes depending on your income if you decide to cash out your retirement account.

My income is only 30,000...I just thought that they held back 20% to pay for taxes and then charged a 10% penalty.

>Most but not all? Regardless of whether or not you decide to cash out your retirement accounts, it sounds like you and your kids are going to have tighten up your belts a few notches. You need to have a good stash of cash in case of an emergency. Try to build one up over the next couple years.

It may be all of my savings. I have to see how much the closing costs are going to be. If I am dangerously low, should I just plan on building them up in the next few years and realize that if I get in trouble I could use my option to borrow from the 401K plan that I have?

>Most but not all? Regardless of whether or not you decide to cash out your retirement accounts, it sounds like you and your kids are going to have tighten up your belts a few notches. You need to have a good stash of cash in case of an emergency. Try to build one up over the next couple years.

I have all but decided to just roll over the retirement monies into my 401K account.

I appreciate your thoughts. I meet with my lawyer in 2 hours and will arrange for that.

Thanks,

Sherry



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