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Question by tvan: How can I get money out of my 401k for a home downpayment without child support taking it first?
I need a down payment for a home loan due to a separation. The child support agency takes any money I am entitled to. Tax refunds, for sale severance pay, pilule etc. My 401k is all I have left to put a down payment on a home. Is there anyway to get around the child support nazis and get the money to a bank for a downpayment?
Best answer:
Answer by rtfm
The child support agency only takes the money your *CHILDREN* are entitled to.
It might mean renting for a while instead of buying, ambulance while you get your legal obligations to your family taken care of. If that’s what it means, then that’s what you have to do.
Taking money out of your 401(k) for *any* reason is a bad idea anyway. You’ll pay regular income tax rates on what you withdraw, *plus* another 10 percent penalty. And then you’ll wind up with no money to live on once you retire. It’s just a really poor choice.
Add your own answer in the comments!
“the child support nazis ”
There would be no need for “nazia” if deadbeat men and women took care of their children. Taking any money means you are behind in your payments and do not deserve a home until YOUR children are cared for. They eat, the need clothing, they need housing and on and on and on and YOU are worried about buying YOUR home. Thank god for the NAZIS!
Only a fool takes money from their 401K plan as the other person stated. Unless of course you want to take it out and pay your child support!
DO NOT TOUCH YOUR 401K
Why are you in arrears that they are taking it?
http://Child_Support.Dads-House.org
Federal Child Support Enforcement Handbook for Non-Custodial Parents
http://ChildSupportRights.org
http://Child_Support_Quiz.dads-house.org
http://ChildSupportQuiz.ChildSupportRights.org
To learn a father’s rights, join Dads House in Yahoo Groups. It’s free to join, access all materials, and you associate with other fathers going through, and have already gone through, the same issues. We have an Educational Manual that teaches everything that needs to be known in addressing your legal issues. Mention your question here when asked why you want to join, as well as your state?
http://groups.yahoo.com/group/DadsHouse/
If you don’t pay your child support, you’ll end up on the Deadbeat Dad list!
You can probably get a loan against your 401k, as I did.
Contrary to some of the answers, child support collection agencies can indeed be nazis. Studies show that their records are wrong almost half of the time, and the child support awards frequently are exceedingly high. The vast majority of men who are behind on child support live below the poverty line, so it’s not like these dads are living the high life while their poor ex is living in poverty. That’s a stereotype which is not true. In fact, usually the mother’s standard of living goes up, while the father’s goes down.
Back to your question – if you get a loan against your 401k, it’s not considered income, as you already own the money. It’s not the best idea to do this, but a 401k loan is much better than simply taking the money out and getting a huge tax hit.
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Federal Office of Child Support Enforcement data shows that two-thirds of those behind on child support nationwide earn poverty-level wages, and less than 4 percent of the national child-support debt is owed by those earning $ 40,000 or more a year. The overwhelming majority of the individuals listed on the Ohio Department of Job and Family Services’ “Most Wanted” posters are blue-collar workers of limited means who are unable to meet the often unrealistic demands of the child-support system. 1
Findings from the ongoing Fragile Families and Child Wellbeing Study, a joint project between Princeton and Columbia Universities, revealed that unwed fathers earn about $ 17,000 a year on average. 2
In the past decade, child-support collections from the estimated 11 million fathers who do not live with their children have nearly doubled, to more than $ 18 billion a year. Most of that money comes from fathers who have stable jobs and can afford to pay.
Where the money does not come from is the 2.5 million poor noncustodial fathers in the United States. According to a study by the Urban Institute, nearly 30 percent of these men are in prison. Among the remainder, nearly half are unemployed. Those who do have jobs earn an average of $ 5,600 a year, well below the poverty line.
”You can’t get blood from a turnip,” said Elaine Sorensen, a labor economist at the Urban Institute and an expert on child support. ”The bottom line is that for poor fathers these laws are just unrealistic.”
“Nearly two-thirds of the poor fathers tracked by the study had child support orders that demanded more than half of their income.” 3