http://blog.turbotax.intuit.com/2011/12/27/should-i-take-money-out-of-my-retirement-account-to-pay-off-credit-card-debt/ It's all about the refund Thu, 16 May 2013 17:28:51 +0000 hourly 1 http://wordpress.com/ http://blog.turbotax.intuit.com/2011/12/27/should-i-take-money-out-of-my-retirement-account-to-pay-off-credit-card-debt/#comment-47456 Fri, 29 Mar 2013 18:09:02 +0000 http://blog.turbotax.intuit.com/?p=7903#comment-47456 I want to put money in an IRA for safe keeping.. I am in collections with credit cards and want to keep my money .. I am 59 next month.. Is this okay??is it legal to do so??
I live in New York
thank You

]]> http://blog.turbotax.intuit.com/2011/12/27/should-i-take-money-out-of-my-retirement-account-to-pay-off-credit-card-debt/#comment-46923 Fri, 22 Mar 2013 12:27:00 +0000 http://blog.turbotax.intuit.com/?p=7903#comment-46923 I took a lump sum out to pay a bill in Jan. 2012. I had retired in July 2011. I was not 59 1/2, but had withdrawn all my money and put in 403B. i started to substitute in Phila. Pa on an emergency basis, which I was allowed to do according to PSERS. On my AXA Equitable statement in box 7 there is a distribution code 1? What does that mean? When I withdrew the money no one told me about early withdraw or penalties since I had retired.

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