So last year, made some good money, just shy of $190k, bought a house (huge financial inflation, wife wanted it, since she'll start earning better after she gets her AMFT -> LMFT). Got laid off this Mid Nov 2022, and I'm experiencing my savings go ablaze. I've got less than 1 month of smooth gliding until I have to sell all my shit or liquidate my IRA. Selling my stuff there will be little value other than feeling pain losing assets and quality of life going down (I've had to do this before back in 2007, was very young)
So my question is: I see my IRA allows me to liquidate, but what will be the lifecycle of this process? Will the IRS audit me or something? Or will I just end up paying max tax rate? I don't feel good about this, but i'm having a hard time sleeping at night right now.
Is there any special considerations (hardship) for withdrawal? I'm on my wife's health insurance, but our mortgage is pretty significant ~$4500/month (California for you)
I'm currently receiving unemployment, but it's a joke ($450/week) and I don't feel I'm getting it continuously or something.
Submitted January 18, 2023 at 03:10PM by compubomb https://ift.tt/8cT2DtZ
