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Paying Uncle Sam: Any creative options?
Old 04-07-2008, 01:18 PM   #1
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Paying Uncle Sam: Any creative options?

Ok - these are the times when I am glad we postponed our retirement and still have a job to cover 'unexpected' expenses such as our TAXES! Ok, so it's really not an unexpected expense...just poor planning and research on our end.

Anyway, so, we are stuck with paying 12k in taxes. This will drain our cash reserves so we are looking at options and thought we'd check and see if anyone can recommend anything else to pull about 50% of it from other options? (I tried to search for other related posts but didn't see any).

1) CD - cash out 5k early and forfiet about $100?
2) Sell IRA - we wanted out of some stocks anyway, so if we can break even now?
3) Credit card option - Amex offers a convenience fee of 2.67%...anyone know of any other card options at no cost?

I think I know that the answer is use the cash, but then again, I originally thought we wouldn't have to pay taxes, so thought I'd check first before I make an ASS-umption again! Thanks
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Old 04-07-2008, 02:44 PM   #2
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I think you priority is right sell the CD first. If you are over 59.5 selling the IRA isn't a horrible option, assuming you are retiring this year, otherwise you'll just add to your tax bill in 2008 and will face the same problem in 2009. Under 59.5 don't do it.

Definitely don't take a cash advance. It would be better to take advantage of balance transfer/check offer on a new credit card (despite by a 3% transaction fee) because they why you typically would have a zero or low interest loans for ~1 year.
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