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Ok I need your help. Come on people help me figure this out

Anonymous
Posted by Anonymous
  • 14 Replies
Figuring this shot out. I had an annuity of 81k due to me in 2016 last year my dad (who set up the annuity) asked if I can pull it out and he can borrow it. Sure why not. So I did.

The total cost was to sell the 81k out of the 81 I received 29k from the 29k I received 13 my dad received the rest. He stated he owed me 32k the agreement was he paid the difference of the loan minus what I took from it. Some where I'm missing out of money and I can't figure out where and its not making sense.

Help me figure this mess out. Please.
Posted by Anonymous on Jan. 14, 2013 at 6:12 PM
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Replies (1-10):
Anonymous
by Anonymous 1 - Original Poster on Jan. 14, 2013 at 6:16 PM
Bump!
Anonymous
by Anonymous 1 - Original Poster on Jan. 14, 2013 at 6:22 PM
Bump!
Anonymous
by Anonymous 1 - Original Poster on Jan. 14, 2013 at 6:28 PM
Bump!
bustybee
by Buzz Lightyear on Jan. 14, 2013 at 6:29 PM

my *very limited* understanding is that when you take something out before it matures, you face fines and you pay high taxes on it. so my guess would be that you paid some 50% of it to taxes

LeahJ
by on Jan. 14, 2013 at 6:38 PM
1 mom liked this
I've read this three times, and i don't understand what you're talking about in terms of the total amount cashed out and how it was split. But bottom line, by cashing out early, you took a huge penalty. You knew that, right?
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Anonymous
by Anonymous 1 - Original Poster on Jan. 14, 2013 at 7:02 PM
Yes and No, I paid a large percentage because its based on what my money is worth is 2016 in other words. I did not have to pay taxes on it tho because its based on pain and suffering.

Quoting bustybee:

my *very limited* understanding is that when you take something out before it matures, you face fines and you pay high taxes on it. so my guess would be that you paid some 50% of it to taxes

Anonymous
by Anonymous 1 - Original Poster on Jan. 14, 2013 at 7:03 PM
Yes I knew the penalty. Pretty much I paid a 56k penalty to receive my 29k

Quoting LeahJ:

I've read this three times, and i don't understand what you're talking about in terms of the total amount cashed out and how it was split. But bottom line, by cashing out early, you took a huge penalty. You knew that, right?
vanellope
by on Jan. 14, 2013 at 7:07 PM
Holy shit. I'd've told dad sorry, but you'll need to get a bank loan
LeahJ
by on Jan. 14, 2013 at 7:09 PM
Ok, that's what I THOUGHT I was reading, but didn't want to believe anyone would do something that, well, stupid. Unless it was for life saving medical care or an urgent legal problem, I cannot imagine why anyone would do that.

Quoting Anonymous:

Yes I knew the penalty. Pretty much I paid a 56k penalty to receive my 29k



Quoting LeahJ:

I've read this three times, and i don't understand what you're talking about in terms of the total amount cashed out and how it was split. But bottom line, by cashing out early, you took a huge penalty. You knew that, right?
Posted on the NEW CafeMom Mobile
Anonymous
by Anonymous 1 - Original Poster on Jan. 14, 2013 at 8:13 PM
What pull out money? Well you obviously don't understand then. The arrangement was my father is paying me back 100% even the penalty of the loan. So I lose out in really nothing and you know nothing, about business. Pulling this money out made more money on an investment. This money and the money that was paid out on penalties are just pennies compared to what's in the bank now. I'm simply trying to find out the missed percentage that went wrong between my father and the loan so it's squared away.

Quoting LeahJ:

Ok, that's what I THOUGHT I was reading, but didn't want to believe anyone would do something that, well, stupid. Unless it was for life saving medical care or an urgent legal problem, I cannot imagine why anyone would do that.



Quoting Anonymous:

Yes I knew the penalty. Pretty much I paid a 56k penalty to receive my 29k





Quoting LeahJ:

I've read this three times, and i don't understand what you're talking about in terms of the total amount cashed out and how it was split. But bottom line, by cashing out early, you took a huge penalty. You knew that, right?
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