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Thanks everyone for joining in on this discussion.  You all made excellent points and helped me decide on our best approach.  In the end I think that @Tonster521 has a complete analysis of the problem and the solution.  I was nearly at the same point...
MichaelD180397 02-06-2021 01:55 PM
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@Tonster521 I think you've nailed it.  Taxes and interest payments had me going back and forth to the spreadsheet formulas a few times but I had neglected both the amortization and the lost gains from the 401k. FWIW the HELOC is adjustable, but at pr...
MichaelD180397 02-06-2021 01:50 PM
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@GailL1  - Well done.  I had completely forgotten about the medicare income thresholds.  A $100,000 withdrawal from the 401lk, would still have us below the $176,000 threshold where the increase kicks in from $148.50 to $207.90.  Alas, we've already ...
MichaelD180397 02-04-2021 12:51 PM
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Excellent points @fffred . I'm afraid there is no escaping the 22% trap but I'm building my spreadsheet now trying to determine the real difference in cost between the taxes paid vs the interest on the loan. Your suggestion to parcel out the distribu...
MichaelD180397 02-04-2021 12:37 PM
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Hi Gail -  Thanks for that. I think you've summed up our thoughts on the HELOC vs 401K distribution and the taxes that go along with that.  I should have mentioned that we do still owe some on the mortgage, about 25% of the current value.  I'm still ...
MichaelD180397 02-03-2021 06:50 PM
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1
Kudo
3501
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Thanks everyone for joining in on this discussion.  You all made excellent points and helped me decide on our best approach.  In the end I think that @Tonster521 has a complete analysis of the problem and the solution.  I was nearly at the same point...
MichaelD180397 02-06-2021 01:55 PM
0
Replies
0
Kudos
3334
Views
@Tonster521 I think you've nailed it.  Taxes and interest payments had me going back and forth to the spreadsheet formulas a few times but I had neglected both the amortization and the lost gains from the 401k. FWIW the HELOC is adjustable, but at pr...
MichaelD180397 02-06-2021 01:50 PM
0
Replies
0
Kudos
3341
Views
@GailL1  - Well done.  I had completely forgotten about the medicare income thresholds.  A $100,000 withdrawal from the 401lk, would still have us below the $176,000 threshold where the increase kicks in from $148.50 to $207.90.  Alas, we've already ...
MichaelD180397 02-04-2021 12:51 PM
0
Replies
0
Kudos
3228
Views
Excellent points @fffred . I'm afraid there is no escaping the 22% trap but I'm building my spreadsheet now trying to determine the real difference in cost between the taxes paid vs the interest on the loan. Your suggestion to parcel out the distribu...
MichaelD180397 02-04-2021 12:37 PM
1
Reply
0
Kudos
3237
Views
Hi Gail -  Thanks for that. I think you've summed up our thoughts on the HELOC vs 401K distribution and the taxes that go along with that.  I should have mentioned that we do still owe some on the mortgage, about 25% of the current value.  I'm still ...
MichaelD180397 02-03-2021 06:50 PM
1
Reply
1
Kudo
3501
Views
Thanks everyone for joining in on this discussion.  You all made excellent points and helped me decide on our best approach.  In the end I think that @Tonster521 has a complete analysis of the problem and the solution.  I was nearly at the same point...
MichaelD180397 02-06-2021 01:55 PM
0
Replies
0
Kudos
3334
Views
@Tonster521 I think you've nailed it.  Taxes and interest payments had me going back and forth to the spreadsheet formulas a few times but I had neglected both the amortization and the lost gains from the 401k. FWIW the HELOC is adjustable, but at pr...
MichaelD180397 02-06-2021 01:50 PM
0
Replies
0
Kudos
3341
Views
@GailL1  - Well done.  I had completely forgotten about the medicare income thresholds.  A $100,000 withdrawal from the 401lk, would still have us below the $176,000 threshold where the increase kicks in from $148.50 to $207.90.  Alas, we've already ...
MichaelD180397 02-04-2021 12:51 PM
0
Replies
0
Kudos
3228
Views
Excellent points @fffred . I'm afraid there is no escaping the 22% trap but I'm building my spreadsheet now trying to determine the real difference in cost between the taxes paid vs the interest on the loan. Your suggestion to parcel out the distribu...
MichaelD180397 02-04-2021 12:37 PM
1
Reply
0
Kudos
3237
Views
Hi Gail -  Thanks for that. I think you've summed up our thoughts on the HELOC vs 401K distribution and the taxes that go along with that.  I should have mentioned that we do still owe some on the mortgage, about 25% of the current value.  I'm still ...
MichaelD180397 02-03-2021 06:50 PM
1
Reply
1
Kudo
3501
Views
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Date Registered ‎02-03-2021 03:55 PM
Last Visited ‎01-10-2023 02:00 PM
Total Messages Posted 7
Total Kudos Received 2
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