dear QBN retirement dept.,
dear QBN retirement dept.,
Out of context: Reply #16
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- ohhhhhsnap0
When "cashing out", there are various "hardship case clauses" they will allow for avoiding the 10 % penalty (when it comes time to pay taxes), but not the additional income tax that would be assessed on the withdrawal.
He said I can offset the additional tax due on the new found income by using your expenses related to your business (regardless of the reasons for the widthdrawal). Could minimize the income tax burden of 20%, but wouldn't be able to offset altogether the self employment tax of 15% ...but can be reduced.