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#1
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401K Cash Out and Dissomaster Child Support
Does anyone know the following:
I lost my job in October and decided to cash out my 401K in December. I actually cashed the check in January 2004 but I know that I will have to claim it as earned income for the year 2003. I'm due to have my child support re-assessed this next week and I was wondering if anyone has had a similar experience. Did you have to add the 401K proceeds to your income in order to determine child support? Is this negotiable? Is there any other way of calculating the 401K proceeds in to the Dissomaster program--other than earned income? Do I have to report the proceeds from my 401K to my ex? I figure she'll be able to see it one way or another. Any help/advice would be appreciated. |
#2
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401K Cash Out and Dissomaster Child Support
All I can say is "Good Luck...", although you're not likely to get it.
A 401K cash-out is a one-time event - the proceeds should not be used to determine your "income" for future CS payments, since the goose is gone and there will be no more golden eggs. Whether you have a job or not, CS is SUPPOSED TO BE based on your income...ONGOING income, whether that is Unemployment compensation, wages from a temporary job or zilch, whatever is true in your case. SUPPOSED to be, but WON'T. Don't expect anything close to sensible or anything based in reality. Be prepared to bend over and take it. Your best bet is to go self-employed with some kind of mostly-cash job so you can hang onto enough of your earnings to keep yourself going and still have a reasonable amount to spend on your kid(s). Mel Gamble David Palomares wrote: Does anyone know the following: I lost my job in October and decided to cash out my 401K in December. I actually cashed the check in January 2004 but I know that I will have to claim it as earned income for the year 2003. I'm due to have my child support re-assessed this next week and I was wondering if anyone has had a similar experience. Did you have to add the 401K proceeds to your income in order to determine child support? Is this negotiable? Is there any other way of calculating the 401K proceeds in to the Dissomaster program--other than earned income? Do I have to report the proceeds from my 401K to my ex? I figure she'll be able to see it one way or another. Any help/advice would be appreciated. |
#3
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401K Cash Out and Dissomaster Child Support
All I can say is "Good Luck...", although you're not likely to get it.
A 401K cash-out is a one-time event - the proceeds should not be used to determine your "income" for future CS payments, since the goose is gone and there will be no more golden eggs. Whether you have a job or not, CS is SUPPOSED TO BE based on your income...ONGOING income, whether that is Unemployment compensation, wages from a temporary job or zilch, whatever is true in your case. SUPPOSED to be, but WON'T. Don't expect anything close to sensible or anything based in reality. Be prepared to bend over and take it. Your best bet is to go self-employed with some kind of mostly-cash job so you can hang onto enough of your earnings to keep yourself going and still have a reasonable amount to spend on your kid(s). Mel Gamble David Palomares wrote: Does anyone know the following: I lost my job in October and decided to cash out my 401K in December. I actually cashed the check in January 2004 but I know that I will have to claim it as earned income for the year 2003. I'm due to have my child support re-assessed this next week and I was wondering if anyone has had a similar experience. Did you have to add the 401K proceeds to your income in order to determine child support? Is this negotiable? Is there any other way of calculating the 401K proceeds in to the Dissomaster program--other than earned income? Do I have to report the proceeds from my 401K to my ex? I figure she'll be able to see it one way or another. Any help/advice would be appreciated. |
#4
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401K Cash Out and Dissomaster Child Support
All I can say is "Good Luck...", although you're not likely to get it.
A 401K cash-out is a one-time event - the proceeds should not be used to determine your "income" for future CS payments, since the goose is gone and there will be no more golden eggs. Whether you have a job or not, CS is SUPPOSED TO BE based on your income...ONGOING income, whether that is Unemployment compensation, wages from a temporary job or zilch, whatever is true in your case. SUPPOSED to be, but WON'T. Don't expect anything close to sensible or anything based in reality. Be prepared to bend over and take it. Your best bet is to go self-employed with some kind of mostly-cash job so you can hang onto enough of your earnings to keep yourself going and still have a reasonable amount to spend on your kid(s). Mel Gamble David Palomares wrote: Does anyone know the following: I lost my job in October and decided to cash out my 401K in December. I actually cashed the check in January 2004 but I know that I will have to claim it as earned income for the year 2003. I'm due to have my child support re-assessed this next week and I was wondering if anyone has had a similar experience. Did you have to add the 401K proceeds to your income in order to determine child support? Is this negotiable? Is there any other way of calculating the 401K proceeds in to the Dissomaster program--other than earned income? Do I have to report the proceeds from my 401K to my ex? I figure she'll be able to see it one way or another. Any help/advice would be appreciated. |
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