Comments on: The Simple Dollar Morning Roundup: Water Main Break Edition http://www.thesimpledollar.com/2007/10/16/the-simple-dollar-morning-roundup-water-main-break-edition/ Simple, applicable personal finance advice for the modern world Fri, 19 Mar 2010 21:24:47 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Jean http://www.thesimpledollar.com/2007/10/16/the-simple-dollar-morning-roundup-water-main-break-edition/comment-page-1/#comment-88343 Jean Wed, 17 Oct 2007 07:03:46 +0000 http://www.thesimpledollar.com/2007/10/16/the-simple-dollar-morning-roundup-water-main-break-edition/#comment-88343 Regarding the retiring early/401k thing -- there is a section of the tax code that will let people who are retiring early get to those funds with no penalty. It's the 72T rule. It's not meant as a way to get to your money because you want to do it without paying the taxes -- it's restrictive, and you have to take the distrubutions for 5 years or until you are 59 1/2 (don't quote me, I'm tired)... But it's something we are considering as we want to retire at 50 or so. Google 72T -- lots of info. Regarding the retiring early/401k thing — there is a section of the tax code that will let people who are retiring early get to those funds with no penalty.

It’s the 72T rule.

It’s not meant as a way to get to your money because you want to do it without paying the taxes — it’s restrictive, and you have to take the distrubutions for 5 years or until you are 59 1/2 (don’t quote me, I’m tired)…

But it’s something we are considering as we want to retire at 50 or so.

Google 72T — lots of info.

]]> By: lorax http://www.thesimpledollar.com/2007/10/16/the-simple-dollar-morning-roundup-water-main-break-edition/comment-page-1/#comment-87897 lorax Tue, 16 Oct 2007 22:47:30 +0000 http://www.thesimpledollar.com/2007/10/16/the-simple-dollar-morning-roundup-water-main-break-edition/#comment-87897 I second the earplug approach. Besides, you get your lawn watered for free! Hmm... it's official. You can't live in the boonies and have a water main. Maybe it's more correct to say you live in a backwater small town. I second the earplug approach. Besides, you get your lawn watered for free!

Hmm… it’s official. You can’t live in the boonies and have a water main. Maybe it’s more correct to say you live in a backwater small town.

]]> By: Matt http://www.thesimpledollar.com/2007/10/16/the-simple-dollar-morning-roundup-water-main-break-edition/comment-page-1/#comment-87737 Matt Tue, 16 Oct 2007 18:48:03 +0000 http://www.thesimpledollar.com/2007/10/16/the-simple-dollar-morning-roundup-water-main-break-edition/#comment-87737 "how can you ethically get past that first 5k?" By claiming all of the deductions you are legally entitled to, and not a penny more. You either have the deductible expenses or you don't. Anything else is cheating. “how can you ethically get past that first 5k?”

By claiming all of the deductions you are legally entitled to, and not a penny more. You either have the deductible expenses or you don’t. Anything else is cheating.

]]> By: Amanda B. http://www.thesimpledollar.com/2007/10/16/the-simple-dollar-morning-roundup-water-main-break-edition/comment-page-1/#comment-87709 Amanda B. Tue, 16 Oct 2007 17:29:04 +0000 http://www.thesimpledollar.com/2007/10/16/the-simple-dollar-morning-roundup-water-main-break-edition/#comment-87709 Thanks! So I guess the next question would be, how can you ethically get past that first 5k? Thanks! So I guess the next question would be, how can you ethically get past that first 5k?

]]> By: Sean http://www.thesimpledollar.com/2007/10/16/the-simple-dollar-morning-roundup-water-main-break-edition/comment-page-1/#comment-87691 Sean Tue, 16 Oct 2007 16:25:59 +0000 http://www.thesimpledollar.com/2007/10/16/the-simple-dollar-morning-roundup-water-main-break-edition/#comment-87691 Learn to sleep with earplugs. And if there's a lot of bright lights, a sleep mask. And if the ground is shaking a lot, try a sleeping pill. You can always get to sleep if you put your mind to it, unless maybe if someone is erratically splashing ice water on your face. Learn to sleep with earplugs. And if there’s a lot of bright lights, a sleep mask. And if the ground is shaking a lot, try a sleeping pill. You can always get to sleep if you put your mind to it, unless maybe if someone is erratically splashing ice water on your face.

]]> By: s http://www.thesimpledollar.com/2007/10/16/the-simple-dollar-morning-roundup-water-main-break-edition/comment-page-1/#comment-87678 s Tue, 16 Oct 2007 15:52:59 +0000 http://www.thesimpledollar.com/2007/10/16/the-simple-dollar-morning-roundup-water-main-break-edition/#comment-87678 Depends on your tax bracket and whether you have other deductions that get you past the standard deduction. Assuming you have enough deductions (from mortgage interest or something), an extra $700 deduction would get you back somewhere around $175 (plus or minus depending on your tax bracket - that is with 25%). The first $5350 you deduct doesn't save you anything. Depends on your tax bracket and whether you have other deductions that get you past the standard deduction.

Assuming you have enough deductions (from mortgage interest or something), an extra $700 deduction would get you back somewhere around $175 (plus or minus depending on your tax bracket – that is with 25%).

The first $5350 you deduct doesn’t save you anything.

]]> By: Amanda B. http://www.thesimpledollar.com/2007/10/16/the-simple-dollar-morning-roundup-water-main-break-edition/comment-page-1/#comment-87663 Amanda B. Tue, 16 Oct 2007 15:13:45 +0000 http://www.thesimpledollar.com/2007/10/16/the-simple-dollar-morning-roundup-water-main-break-edition/#comment-87663 How much would a $700 deduction get you back in taxes anyway? How much would a $700 deduction get you back in taxes anyway?

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